Word: nigerias
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Dates: during 1970-1979
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...already has black Africa's largest population (about 80 million) and most bounteous economy (1978 gross national product: $33 billion), as well as the clout that comes with being a rapidly emerging leader of the Third World. To those assets, oil-rich Nigeria may soon add another that is very rare in its part of the world: a democratic government...
...choose a President. Last week after ballots had been gathered from places as varied as the slums of the appallingly crowded capital Lagos, the minareted city of Kano in the Muslim north and steamy Enugu in the old Biafra area of the Christian and animist south, the name of Nigeria's first popularly elected chief executive was announced. He is Alhaji Shehu Shagari, 54, a slight, soft-spoken veteran civil servant who wears the robes and beaded hat of the northern Hausa tribe and has been an outspoken Muslim nationalist. If all goes as planned, Lieut. General Olusegun Obasanjo...
Some members are beginning to take price-boosting actions on their own. Last week Nigeria announced plans for a 10% cutback in the production of its much prized low-sulfur crude, Algeria threatened an even larger 20% cut of its own, and Kuwait indicated that it intended to reduce output by as much as 25% early next year...
...Nigerian and Algerian governments argue that the cuts are for purely technical reasons, to prevent the damage to their oilfields that would result if they continued indefinitely pumping out crude at recent rapid rates. Nigeria's claim may be partly justified, but Western oilmen charge that Algeria's alleged cutback is nothing more than a sleight of hand. Algeria is secretly selling the oil for top dollar to spot-market buyers. Reports a high oil company executive: "What appears to be a cutback is really just a diversion to the spot market. This is more than a suspicion...
Oilmen also accuse Nigeria of unabashed price gouging. Though cartel members agreed in June not to tack surcharges on top of the maximum $23.50 per bbl. for their crude, Nigeria for weeks has been demanding a $5 per bbl. premium on as much as half of its exports...