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Nigeria
The true story
Nigeria’s position as the eighth largest producer of crude oil and possessor of the world’s fifth largest reserves of natural gas is almost entirely dependent on resources existing in the Niger Delta where the mere whisper of unrest sends world oil prices spiralling upwards. The Delta is where the core of the Nigerian economy rests, but on a foundation of volatile uncertainty. In this report, Lindsay Barrett looks at what the future holds for the Delta and global oil prices as aggrieved militants in the region threaten Nigeria’s oil production.
The Niger Delta is a vast system of wetlands and forests, and low lying alluvial islands and barrier reefs that sprawl across Nigeria’s southernmost reaches. It serves as the discharge basin for the mighty Niger River into the Atlantic Ocean. That, at least, is the geographic definition. Today, however, the Niger Delta is more widely referred to as a political entity because of its central role in sustaining the economy of Nigeria and its relationship with the rest of the world via oil (or to be precise oil production). This is the territory where the mere whisper of unrest sends global oil prices spiralling upwards. It is where the core of the Nigerian economy rests on a foundation of volatile uncertainty.
Oil and gas are the basic ingredients of this economic volatility. Nigeria’s position as the eighth largest producer of crude oil and possessor of the world’s fifth largest reserves of natural gas is almost entirely dependent on resources existing in the Niger Delta or in deposits off the Delta’s coastline. Nine states make up the Niger Delta. They are Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers. However, the core Niger Delta is made up of Delta, Bayelsa and Rivers states, with its eastern and western outreaches in Akwa Ibom, Cross River and Ondo states. The whole territory is now served by the newly constituted Niger Delta Development Commission (NDDC).
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