Nigeria

Nigeria was a British colony for over one hundred years, until it regained its independence in 1960. In the following decades, military dictators who seized power in coups d'états and counter- coups ruled Nigeria. In 1999 the first democratic elections were held and President Olusegun Obasanjo became the first civilian president.

capital: Abuja
population: 140 Million

Tensions in oil-delta
The latest elections were held in April 2007, which handed the Presidency over the Umaru Musa Yar'Adua. Due to its multitude of diverse, sometimes competing ethno-linguistic groups, Nigeria has suffered from sectarian tensions and violence. Particularly in the oil-producing Niger Delta region, where both state and civilian forces employ varying methods of coercion in attempts to gain control over regional petroleum resources.

Worlds 8th largest oil-exporter
With a current output of 2.3 m bpd, set to rise to 4 m bpd by 2010, Nigeria is the 8th largest exporter of oil in the world. Some $15 billion is expected to be invested in further exploration over the next 5 years. Since 1999, Nigeria is also a producer of LNG (Liquified Natural Gas). Current output, at 10m tonnes, is set to quadruple to 40m tonnes by 2010, with the commission of 2 further plants. With the largest known gas reserves in sub-Saharan Africa, revenue from LNG is expected to surpass that from oil in the next decade. By 2009 Nigeria is set to earn US$12 bn pa from LNG.

Why is Fatal Transactions active in Nigeria?
The oil dependence is overwhelming. Since the oil boom in the 1970s, Nigeria´s economy depends heavily on the oil and gas sector, which accounts for 99% of exports by value, 85% of government revenue and about 52% of gross domestic product (GDP). It is the number one oil-exporting country in sub-Sahara Africa. The top foreign oil companies are Shell, Chevron Texaco, Total FinalElf, Exxon Mobil, ENI/Agip. Despite the country's oil wealth, Nigeria is extremely poor. It's the most populous country in Africa, with a population of 140 million. Over 70 million people live on less than $1/day and GDP per capita is only about $ 675 (2005). Especially the Niger Delta region has been contributing billions of dollars to the national budget for decades, while the civilians remain dead poor. Environmental degradation, combined with a loss of traditional sources of income continue to foster frustration and militant revolt. There are frequent inter-communal clashes, oil company facilities are regularly targeted, the region is awash with arms, there has been a rise in criminality with hostage-taking, while oil theft, or "bunkering", has increased dramatically in the last 6 years. The Niger Delta risks drowning in a pool of corruption and violence.

Potential for a prosperous economy
With its large reserves of human and natural resources, Nigeria has the potential to build a prosperous economy, reduce poverty significantly, and provide the health, education, and infrastructure services its population needs. Democratic control over the economy must be further strengthened through the empowerment of parliaments and of civil society organisations. Accountable governance can be achieved through financial transparency. Companies can contribute to preserve the environment, stimulate local economic development, train and hire local people, be transparent with its operations and finances, pay no bribes and in general, respect human rights.