John O. Ifediora. If country-specific data, and the statistical analysis based on them are good surrogates of what they represent, then figures from The World Bank indicate, by any reasonable standard, that Nigeria’s economic performance since independence in 1960 has been abysmal. Using the most reliable survey of the country to date, the figures show that in 1970 the per capita GDP for the country was US$1,113, but by 2000 it had fallen to US$1,084. Between 1970 and 2000, the poverty and income distribution indices show similar deterioration. The poverty rate, measured as those living on less than US$1 per…
Author: CASADE
In 1908 the first major oil exploration in Nigeria was conducted by Nigerian Bitumen Corporation, a German company. The search was unsuccessful. It took twenty-nine years for another serious undertaking to discover the presence of oil in 1937; this time the effort was led by a Dutch, and a British company – Shell and British Petroleum(BP). The companies formed a consortium known as Shell-BP Petroleum Development Company, and in 1939 received an Oil Exploration License from the federal government of Nigeria to drill for oil. In 1956 Shell-BP drilled the first productive oil well in Oloibiri, a town in the…