Word: nigerias
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...Wells, a new book on African oil by Nicholas Shaxson, an associate fellow with international affairs institute Chatham House in London, the U.S. imported more oil from Africa than from the Middle East in 2005, and more from the Gulf of Guinea than from Saudi Arabia and Kuwait combined. Nigeria, the giant of the region, supplies 10-12% of U.S. oil imports. "There's a huge boom across the region," says Erik Watremez, a Gabon-based oil and gas specialist for Ernst & Young. "Exploration, drilling, rigs, pipes. It's exploding." Ann Pickard, Shell's regional executive vice president for Africa...
...instability, but most of its oil is offshore, and the assets of international companies have so far not been prone to the sort of nationalist expropriation common in oil's history from Mexico in the 1930s to Russia today. And although there have been attacks on oil installations in Nigeria, the region does not experience the sort of out-of-control violence that now plagues Iraq. Such factors make "West Africa of great interest and great significance," says a senior American diplomat in the region. In fact, five years ago the U.S. State Department declared West African oil a "strategic...
...answer that question, consider the experience of three countries: Angola, Nigeria and Gabon. The oil industries in each are at markedly different stages. Angola's is in its first explosive flush of production, with gdp expected to grow 27% this year. Nigeria is in its prime, ranking as the world's 12th largest producer in 2006. Gabon's wells are slowly drying up. Together, these three nations trace an evolving arc of oil's effect on Africa and the world, of both its promise and its perils...
What's next for Angola? As in other parts of Africa, oil will no doubt continue to dominate the economy. It currently accounts for around 90% of all exports, compared with 77% in Gabon and 95% in Nigeria. The second stage of the oil curse kicks in at this point. Investment in other industries gets crowded out, in part because it's hard for them to provide high enough returns to meet the costs of rising rents and salaries. Oil becomes virtually the only game in town, and the benefit to workers is surprisingly limited, with many of the more...
...other candidates may be good at one thing or the other thing, but Glenn is good at anything.” Okonjo-Iweala, a graduate of the College, was a vice president of the World Bank and served separately as finance minister and foreign affairs minister of Nigeria. “Given that she has been the finance minister of a major African country and has been in the bank and knows the institution...in terms of a learning curve she has very little to go through, she can start and hit the ground running,” said Tijan...