Oil and Gas in Africa: Boom or Doom?

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"Looking through the African continent, it is safe to say that the oil-producing countries are also the most prone to conflict."

africa oil

All Africa, Uche Nwadialor

WHEN oil was first discovered in Oloibiri, Bayelsa State of Nigeria in 1956, there was jubilation not only in the then Eastern Region of Nigeria but all over the country.

That euphoria was predicated on the assumption that oil was wealth and that Nigeria's economy was launched on a prospective future and that both social and political development would in the next few years be ushered in.

Consequently, member countries of the Organisation of Petroleum Exporting Countries, OPEC, are today rated as some of those with high gross domestic products as a result of the multiplier effect of their enhanced national income, balance of trade, balance of payment and external reserve.

Looking through the African continent, it is safe to claim that the oil-producing countries on the continent are the most prone to conflict.

It is gratifying to state that a greater majority of the federating components of the Nigerian states are gradually benefiting, no matter how minimal, from the fallout of Nigeria's oil wealth. . .View Full Article

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