The problem with cheap oil

Prices that low -- and their equivalents at the gas pump -- will no doubt be viewed as a godsend by many hard-hit American consumers, even if they ensure severe economic hardship in oil-producing countries like Nigeria, Russia, Iran, Kuwait, and Venezuela that depend on energy exports for a large share of their national income. Here, however, is a simple but crucial reality to keep in mind: No matter how much it costs, whether it's rising or falling, oil has a profound impact on the world we inhabit -- and this will be no less true in 2009 than in 2008. READ MORE>>>

News Desk (Early Edition) Tuesday, October 7, 2008

We are curbing crude oil theft - Military

Nigeria’s military assured on Monday it was making significant progress curbing crude oil theft, an illegal trade worth millions of dollars a day and the financial lifeline for militants in Africa’s top producer. MORE>>>

Ribadu: Sacrifice on the Nigerian altar

John Adams, son of Deacon and Susanna Adams and the first American president to live in the White House prayed with his wife, Abigail, as they entered into the lavish U.S. presidential residence on November 1, 1800 that “Lord, bestow the best of blessings on this house MORE>>>

Transparency International’s annual corruption perceptions index

Togo, Sao Tome and Principe tied with Nigeria in the 121st place. At the top of the list three countries tied for the first place, namely, Denmark, Sweden MORE>>>

North has World's highest illiterate children —World Bank

ABUJA—The Northern Nigeria Economic and Investment Summit, kicked off in Abuja yesterday with the World Bank, saying that Northern Nigeria has the highest number of children not going to School in the world. MORE>>>

Yar'Adua's secrecy oath, slap on Nigerians — Mudiaga-Odje

CONSTITUTIONAL Lawyer, Dr. Akpo Mudiaga-Odje, has described the oath of secrecy on some public officers appointed by President Umaru Musa Yar’Adua as a slap on the face of the entire Nigerian citizenry. MORE>>>

10 Nigerians begin economic dev. training in S/Korea

A News Agency of Nigeria ( NAN ) Correspondent in Seoul reports that the programme is sponsored by the South Korean government to complement President Umaru Musa Yar’Adua’s seven point agenda in the area of Human Capacity Development. MORE>>>

Nigeria in Brief Tuesday, December 18, 2007

Nigeria will never seize to amaze me. Some say Naija is great while some dwell on the fact that the country is still a jungle where it is only the fittest that survives. Checking out the news of the day and looking at the picture captured by Vanguard, I wondered what must have driven James Ibori supporters to Kaduna protesting and demanding for the corrupt politician's release. The Ibori supporters should have been arrested for disturbing the peace at a courthouse where silence is normally golden. Well, that's politics, I guess. But the question here is, have these angry supporters of Ibori taken a closer look at themselves, how haggard they looked while Ibori was squandering their money? Now who is next among the two notorious bandits? Peter Odili or Lucky Igbinedion?

Anyways, I am beginning to see some changes unfold in that country. The rule of law seems to be taking shape with the judiaciary making a whole lot of sense. Ibori had been denied bail, but the point is, Ibori and his mistress Uzoamaka Okoronkwo's charges are bailable and they will be spending the Christmas and New Year in jail. The embattled ex-Governor and his mistress will know their fate on January 11, 2008, when they return to court to face Justice Mohammed Shauibu. The so-called former "intelligence Czar" seems to be chilling which pops up the question why he should be denied his medication on the ground that he stole from the state and used his powers to deny the people of Delta a proper medical care. He should be allowed to get a taste of his own medicine.

Check this out: The Guardian Newspapers reports that the administration of Umar Yar'Adua has ordered a "massive importation of fuel" to meet up with demands during the Christmas and New Year celebrations. Ain't that something? I'm not sure if the refineries are not producing enough oil but I'm quite sure something is wrong somewhere when the oil regulating agencies are not coming up to terms with reality knowing that they should be held responsible for the loopholes that enables oil pirates and bunkerers get away with billion barrels of oil per day. In another related incident, ex-governor of Ekiti State, Ayodele Fayose was also remanded in prison custody until January when he will know his fate and the charges levelled against him.

Interestingly, China and Egypt, once borrowers from International Development Association (IDA) that help poor nations fight poverty are now donors and part of a $21.1 billion aid that would make life meaningful to the poorer nations. When will the "oil-rich" Nigeria join these group of volunteers? My guess is NEVER! Maybe, until Ibrahim Babangida coughs out all the billions of dollars he stole selling oil during the Gulf War.

In the upcoming African Nations Cup to be held in Ghana, a whole lot of noise is being made about the Nigerian squad hanging in there with all desperations to capture the trophy for the first time since 1994 when the iron man, Sani Abacha was the junta of the day. Watford's Danny Shittu will be joining the Eagles squad as the Golden Eagles are not about to be taking any chances. I think Ghana has better chances with home advantage.

Well, Yar'Adua is talking. From last weekend's local council elections that was marred with irregularities, the nation's first man is no longer taking things for granted. He has summoned the 36 state governors, stakeholders and party leaders to a meeting regarding allegations of fraud in the said elections held on Saturday, December, 15, 2007.

The Slums and Nigeria Oil Money

No question, the entrapment called Nigeria is well known in the oil business it is one of world's biggest supplier of oil. That image of oil has set up a tone that Nigeria is a very rich country bubbling with life potrayed by the haves even though when one takes a close look at the changing phases and events of the common man, bogus businessmen and government officials to see how oil has controlled and doomed the country in its entirety, the country is nothing but a jungle despite its oil wealth.

With all that oil, the nation seems to be undeveloping and moving backward by the day with the above picture of Njemanze Waterfront in Port Harcout, the hub of the nation's oil well taken by Candace Feit of New York Times. In President Umaru Musa Yar'Adua's presentation of the 2008 budget he projected a total revenue of N1.96 trillion in which eighty percent of that will come from crude oil sales with a "presumed exchange rate of N117 to the US $1."



So, Mr President, how about the slums in the neck of the hood where oil is produced? What are you going to do about it? Would there be another Fela Anikulapo Kuti to tell it in your face that corruption has eaten the entire nation it is now baked in every Nigerian gene? Apparently, the oil boom is not ending anytime soon since war here and there has catapulted oil sales, once again to the top.

Nevertheless, the poisonous substance called oil has created all sorts of characters in Nigeria which is disturbing and bizarre. Nobody wants to get anything done but to engage in mysterious underground economy, using oil as a tool that fuels bitter conflicts often seen in the Niger-Delta crisis whic indeed has destroyed any hope of ordinary development. The above picture speaks for itself.