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	<title>Nigeria Business Blog &#187; Business and Economy</title>
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	<link>http://www.nigeriacentral.info/blog</link>
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		<title>The Stock Market in Nigeria</title>
		<link>http://www.nigeriacentral.info/blog/the-stock-market-in-nigeria/</link>
		<comments>http://www.nigeriacentral.info/blog/the-stock-market-in-nigeria/#comments</comments>
		<pubDate>Fri, 09 Sep 2011 04:40:58 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Business and Economy]]></category>
		<category><![CDATA[Investments]]></category>
		<category><![CDATA[Nigeria]]></category>
		<category><![CDATA[Stock Market]]></category>

		<guid isPermaLink="false">http://www.nigeriacentral.info/blog/?p=75</guid>
		<description><![CDATA[The Stock market in Nigeria happens to be Africa&#8217;s best performer for over a decade. Recently the stock market in Nigeria became about the worst market across the globe especially on the bank losses. This sector in Nigeria posted the biggest decline worldwide in the first quarter as bad loans to speculators pushed bank valuations [...]]]></description>
			<content:encoded><![CDATA[<p>The Stock market in Nigeria happens to be Africa&#8217;s best performer for over a decade. Recently the stock market in Nigeria became about the worst market across the globe especially on the bank losses.</p>
<p>This sector in Nigeria posted the biggest decline worldwide in the first quarter as bad loans to speculators pushed bank valuations to an all-time low, and from my own humble opinion it was due to bad government policy that was immediately corrected and lead to a big shake up within the two regulatory bodies and that is the more reason why am confident about the rebound and future stability of the sector.</p>
<p>People investing in the stock market in Nigeria have experienced the good the bad and the ugly. Due to the financial industry since Nigerian regulators allowed banks to delay booking looses on so called margin loans backed by shares, emerging-markets brokerage Renaissance Capital says.</p>
<p>However the stock index in Nigeria has hit the lowest point which the professional reffered to as support level and now there is just one way to go from here, and that&#8217;s UP! Since it possible could not get any worst now is the time to start investing in the NSE . By starting off slow and making small wise investments you&#8217;ll see that in a few weeks you can be making huge profits from your investments.</p>
<p>Investing is without a doubt scary at times to say the least. However if you want to be successful you have to be smart with your money. You can&#8217;t make your money grow if you don&#8217;t invest. So by investing in wise stocks in the secondary market in Nigeria you can in fact have a secured investment without worries of loosing your money.</p>
<p>The main reason people started losing their money in the stock market in Nigeria was for the fact that they made blind investments. To be able to make investments you need to know what you&#8217;re doing. You can&#8217;t go into the stock market blindly and expect not to lose your money.</p>
<p>The best way to invest in the stock market especially in Nigeria is to have the best help you can find. When I say help I mean by hiring smart stock brokers that knows what he is doing to be able to make your money grow without losing it. Then the place of learning cannot be over emphasized, there are many e-books on investing in the stock market in Nigeria today that were packed with everything you need to know about the stock market.</p>
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		<item>
		<title>Why should I add my business?</title>
		<link>http://www.nigeriacentral.info/blog/why-should-i-add-my-business/</link>
		<comments>http://www.nigeriacentral.info/blog/why-should-i-add-my-business/#comments</comments>
		<pubDate>Mon, 04 Jul 2011 07:24:01 +0000</pubDate>
		<dc:creator></dc:creator>
				<category><![CDATA[Business and Economy]]></category>
		<category><![CDATA[Customer]]></category>
		<category><![CDATA[Nigeria Business]]></category>
		<category><![CDATA[Search Engines]]></category>

		<guid isPermaLink="false">http://www.nigeriacentral.info/blog/?p=69</guid>
		<description><![CDATA[When you add your business it will be seen by potential customers. Research shows that the major Search Engines only index 20% of all websites and even then getting to a worthwhile position and maintaining that position can be a full time occupation. With the number of regular visitors who visit our site we can [...]]]></description>
			<content:encoded><![CDATA[<p>When you add your business it will be seen by potential customers. Research shows that the major Search Engines only index 20% of all websites and even then getting to a worthwhile position and maintaining that position can be a full time occupation. With the number of regular visitors who visit our site we can deliver a larger audience to your business and make it more successful. Listing your business in nigeriabusinesspages.co.uk website could give your business the exposure you need online. </p>
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		<item>
		<title>Nigeria Wholesale Market</title>
		<link>http://www.nigeriacentral.info/blog/nigeria-wholesale-market/</link>
		<comments>http://www.nigeriacentral.info/blog/nigeria-wholesale-market/#comments</comments>
		<pubDate>Thu, 30 Jun 2011 07:04:56 +0000</pubDate>
		<dc:creator></dc:creator>
				<category><![CDATA[Business and Economy]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Export Business]]></category>
		<category><![CDATA[Nigeria]]></category>

		<guid isPermaLink="false">http://www.nigeriacentral.info/blog/?p=67</guid>
		<description><![CDATA[Nigeria is an African country with a growing middle and upper class. The spending power of consumers in Nigeria has been growing along with the expanding economy. Increased government regulations, the rising price of oil, communication advancements, and travel options, have all led towards a growing market for brand name products in Nigeria. American brands [...]]]></description>
			<content:encoded><![CDATA[<p>Nigeria is an African country with a growing middle and upper class. The spending power of consumers in Nigeria has been growing along with the expanding economy. Increased government regulations, the rising price of oil, communication advancements, and travel options, have all led towards a growing market for brand name products in Nigeria. American brands especially enjoy an increase in popularity, and consumers in Nigeria are willing to spend a good deal of money to acquire them.</p>
<p>Brands such as Polo, Nautica, Calvin Klein, DKNY, Levi&#8217;s, Nike,and Adidas are in heavy demand. Jeans, dress shirts, dresses, and high end women&#8217;s suits are sought after by eager customers. Consumers appreciate the high quality that the brands stand for, and are educated regarding the value of the products. Wholesalers selling to Nigeria have traditionally exported used clothing. Used clothing was a prime product since it was geared towards customers in a third world country where the per capita income was extremely low.</p>
<p>Now that the spending power of the average Nigerian is rising, wholesalers are focusing on brand new merchandise. Since the cost of shipping is still an issue, bulky items such as electronics and furniture can be difficult to export in a cost effective basis. On the other hand, due to the light weight nature of clothing, wholesalers have a much easier time exporting, and making money on clothing.</p>
<p>Since China has been flooding the market with cheap generic clothing, the best approach is to focus on brand names. The more popular the brand, and the higher the quality of the item, the more it will stand out from the generic clothing being sold by the Chinese wholesalers. The Nigerian economy is booming, and so is the demand for brand name clothing by its consumers. Exporting to Nigeria requires a deep understanding of consumer tastes and market characteristics, which once understood, can lead a wholesaler to having a very profitable export business.</p>
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		<title>Find the Best Business Hotels in Nigeria</title>
		<link>http://www.nigeriacentral.info/blog/find-the-best-business-hotels-in-nigeria/</link>
		<comments>http://www.nigeriacentral.info/blog/find-the-best-business-hotels-in-nigeria/#comments</comments>
		<pubDate>Sat, 22 Jan 2011 07:30:11 +0000</pubDate>
		<dc:creator></dc:creator>
				<category><![CDATA[Business and Economy]]></category>
		<category><![CDATA[Hotels]]></category>
		<category><![CDATA[Nigeria]]></category>
		<category><![CDATA[Restaurant]]></category>

		<guid isPermaLink="false">http://www.nigeriacentral.info/blog/?p=58</guid>
		<description><![CDATA[Many multinational corporations have offices in Abuja, the nation&#8217;s new capital city, purpose-built in the 1980s. The five star Transcorp Hilton Abuja is known as the best and correspondingly one of the most expensive hotels in Abuja. It has everything the executive with an expense account could wish for, including seven restaurant and bar areas, [...]]]></description>
			<content:encoded><![CDATA[<p>Many multinational corporations have offices in Abuja, the nation&#8217;s new capital city, purpose-built in the 1980s. The five star Transcorp Hilton Abuja is known as the best and correspondingly one of the most expensive hotels in Abuja. It has everything the executive with an expense account could wish for, including seven restaurant and bar areas, a pool and a casino. With its corporate facilities and 24 hour entertainment, staying here will cost around €200 a night. The Sheraton Abuja offers similar comforts and standards, with 14 meeting rooms, a pool and conveniently central location. And excellent international and local cooking is served in four restaurants. The four star Mediterranean Hotel in the Asokoro District has more individual character and charm than most blandly decorated business hotels. As well as 25 rooms, a pool and restaurant, it has an impressive recreation centre for guests and locals alike.</p>
<p>Lagos, the former capital, is still the commercial heart of Nigeria. The Sofitel Lagos is in Ikoyi, a residential area close by the business district. Its 94 rooms are spacious and elegant, and it has a good array of facilities including a pool, meeting rooms, restaurants and bars. The Sheraton Lagos Hotel offers all the modern comforts of a large international hotel, with over 300 rooms, four restaurants, a business centre and swimming pool. It is situated in the district of Ikeja and easily accessible from the airport. The rapidly expanding city of Uyo is in an oil-rich area of Nigeria. Hotels include the highly rated Le Meridien Ibom Hotel and Golf resort. Here you can stay in a tropical idyll, sheltered by palm tree forests and landscaped gardens. The challenging 18-hole golf course, luxurious surroundings and conference facilities for up to 1,000 people make it ideal for business events. The price per night averages around €160.</p>
<p>Nigeria has been seeing a steady increase in the number of business travellers as a result of its status as the largest oil industry in Africa. Several exciting hotel developments are in the pipeline and many existing hotels and guesthouses are being upgraded to meet the visitors&#8217; expectations. Rezidor, the Brussels-based hotel company, plans to launch several of its Park Inn brand hotels in Nigeria. The first one, in Lagos, will be called the Ikeja Hotel and is due to open in 2013 with 135 rooms. Another Rezidor brand, Radisson Blu, is building two large luxury hotel in Lagos, one in the Victoria Island district. For seriously chic business accommodation, the five star Wheatbaker Hotel in Lagos promises to combine a boutique hotel style with conferencing and business facilities. </p>
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		<title>Graduate Unemployment in Nigeria</title>
		<link>http://www.nigeriacentral.info/blog/graduate-unemployment-in-nigeria/</link>
		<comments>http://www.nigeriacentral.info/blog/graduate-unemployment-in-nigeria/#comments</comments>
		<pubDate>Wed, 15 Dec 2010 03:46:17 +0000</pubDate>
		<dc:creator></dc:creator>
				<category><![CDATA[Business and Economy]]></category>
		<category><![CDATA[Business]]></category>
		<category><![CDATA[Jobs Vacancies]]></category>
		<category><![CDATA[Nigeria]]></category>

		<guid isPermaLink="false">http://www.nigeriacentral.info/blog/?p=55</guid>
		<description><![CDATA[Every year and year, the Nigeria unemployment rate keeps on going higher and higher as fresh graduates passes out from their various institutions of higher learning only to be met with a long queue of their senior ones who have earlier passed out from the various universities and polytechnics and are yet still unemployed, as [...]]]></description>
			<content:encoded><![CDATA[<p>Every year and year, the Nigeria unemployment rate keeps on going higher and higher as fresh graduates passes out from their various institutions of higher learning only to be met with a long queue of their senior ones who have earlier passed out from the various universities and polytechnics and are yet still unemployed, as there are few jobs to go round the vast unemployed population in the country. The situation has become pathetic as year after year, job seekers and applicants are left with nothing to do than to roam about the streets looking for jobs that are not available. Their case is also worsen as most of them are not employable by potential employers of labour, this may be due to their lack of core technical knowledge about their discipline or poor result.</p>
<p>The Nigerian government is also concerned about the ugly trend as she is already setting up machinery, legislatures and agencies to look into the situation and try to reduce the high unemployment rate. This can be seen through the national poverty eradication programme (napep) and the national directorate of employment (nde) that are both into reducing unemployment by introducing unemployed youths into self employment through the small and medium scale enterprises. We hope that in the nearest future, hopefully by the year 2020 (vision 2020), Nigeria&#8217;s high unemployment rate would have been greatly reduced. Until then, jobs seekers, keep on the struggle, that dream job you desire you definitely come your way, god willing. Jobs seekers, you can now get the latest Nigeria jobs vacancies, graduates jobs and career opportunities in Nigeria from my website dedicated to totally free daily Nigeria jobs vacancies.</p>
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		<title>Crude Oil Sellers in Nigeria</title>
		<link>http://www.nigeriacentral.info/blog/crude-oil-sellers-in-nigeria/</link>
		<comments>http://www.nigeriacentral.info/blog/crude-oil-sellers-in-nigeria/#comments</comments>
		<pubDate>Wed, 11 Aug 2010 08:54:07 +0000</pubDate>
		<dc:creator></dc:creator>
				<category><![CDATA[Business and Economy]]></category>
		<category><![CDATA[Business]]></category>
		<category><![CDATA[Economy]]></category>
		<category><![CDATA[Nigeria]]></category>

		<guid isPermaLink="false">http://www.nigeriacentral.info/blog/?p=48</guid>
		<description><![CDATA[Nigeria produces the kind of crude oil referred to as bonny light. It is one of the best crude oil in the world because it is easy to refine as a result of its low sulfur content. Due to this factor, a lot of buyers from around the world are always interested in Nigeria petroleum. [...]]]></description>
			<content:encoded><![CDATA[<p>Nigeria produces the kind of crude oil referred to as bonny light. It is one of the best crude oil in the world because it is easy to refine as a result of its low sulfur content. Due to this factor, a lot of buyers from around the world are always interested in Nigeria petroleum. But the problem these buyers have is the inability to discover the right place to go.</p>
<p>Every business has due process and in order to be successful, you need to follow the due process. This is the case with buying petroleum from Nigeria. You should bear in mind that Nigeria petroleum is sold in barrels. The minimum amounts of barrels most sellers are willing to supply are usually 2 to 4 millions of barrels monthly. This is done through TTT basis and TTO basis. The price is the same with the one set by OPEC.</p>
<p>When you must have made up your mind that you want to purchase light petroleum and you have the funds available, then there are few genuine crude sellers you can purchase your black gold from. You will need to connect with an intermediary broker. An intermediary broker will help you to find the best deals with the NNPC. NNPC is a government agency in Nigeria responsible for the sell of petroleum. There are many petroleum sellers who work as staff for NNPC. You will easily get allocation if you deal with their staffs. There are terms of service involved and you need to follow it.</p>
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		<title>Invest in Nigeria</title>
		<link>http://www.nigeriacentral.info/blog/invest-in-nigeria/</link>
		<comments>http://www.nigeriacentral.info/blog/invest-in-nigeria/#comments</comments>
		<pubDate>Fri, 08 Jan 2010 07:54:19 +0000</pubDate>
		<dc:creator></dc:creator>
				<category><![CDATA[Business and Economy]]></category>
		<category><![CDATA[Agriculture]]></category>
		<category><![CDATA[Government]]></category>
		<category><![CDATA[Nigeria]]></category>

		<guid isPermaLink="false">http://www.nigeriacentral.info/blog/?p=43</guid>
		<description><![CDATA[Invest in Nigeria is a developing programs which will help Nigerian people and its government. Invest in Nigeria have many benefits, its plays a major part in the up bringing of the Nigerian people and its government. Invest in Nigeria are programs which will help to develop schools, colleges, universities, providing employment for the jobless. [...]]]></description>
			<content:encoded><![CDATA[<p>Invest in Nigeria is a developing programs which will help Nigerian people and its government. Invest in Nigeria have many benefits, its plays a major part in the up bringing of the Nigerian people and its government. Invest in Nigeria are programs which will help to develop schools, colleges, universities, providing employment for the jobless. And also will help in improving the current situation of the country by bringing in foreign aid as well as foreign investors.</p>
<p>A top Spanish company has already visited Abuja to present its proposal in building roads network, hospitals and universities for the Nigerian people. This is a great achievement for the inventors of invest in Nigeria.The IMF has taken a giant stride once again in invest in Nigeria by providing financial aid to the local governments. The globe corporation has taken the best out of invest in Nigeria programs by going one step further. They have agreed to redevelop a complete city for the Nigerian people in which they wish to build schools, colleges, hospitals, hotels, good roads, and an international airport as well. This is a great achievement as to date so far in invest in Nigeria programs.</p>
<p>Many other companies are also focusing on the potential of agriculture in Nigeria. They have agreed with various local agricultural companies in providing them with the latest machinery and fertilizers that are needed for the better growth of plants.The area of IT and telecommunications are other virgin lands to be tapped within the Nigeria polity, a nation with about 200 Million people with less than 50 % having access to basic telephoning, UN has thanked all the companies that have taken part in the Invest in Nigeria programs. This brings in a new beginning for the country and has also given hope for the local people to look forward for a future that is bright and full of successes.</p>
<p>Despite the huge and enormous natural resources available in Nigeria uneven distribution of wealth has pushed over 80% of the populace to live in abject poverty, thanks also to some state Governments like Lagos and to some extent Kwara states for providing services that was top notch one of its kinds. This is indeed a great achievement for everyone who has taken part and has sweats their blood out to do the impossible.</p>
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		<title>The Secrets of Nigerian Agriculture</title>
		<link>http://www.nigeriacentral.info/blog/the-secrets-of-nigerian-agriculture/</link>
		<comments>http://www.nigeriacentral.info/blog/the-secrets-of-nigerian-agriculture/#comments</comments>
		<pubDate>Wed, 06 Jan 2010 02:17:41 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Business and Economy]]></category>
		<category><![CDATA[Agricultural Products]]></category>
		<category><![CDATA[Agricultural Sectors]]></category>
		<category><![CDATA[Nigerian Agriculture]]></category>

		<guid isPermaLink="false">http://www.nigeriacentral.info/blog/?p=41</guid>
		<description><![CDATA[Due to a great climate and global positioning, Nigeria is one of most fortunate nations when it comes to agriculture. In this way, the Nigerians have plenty of agricultural resources to explore and even to export. By effectively managing the available agricultural resources, Nigeria is also able to improve its economic status by exporting. Furthermore, [...]]]></description>
			<content:encoded><![CDATA[<p>Due to a great climate and global positioning, Nigeria is one of most fortunate nations when it comes to agriculture. In this way, the Nigerians have plenty of agricultural resources to explore and even to export. By effectively managing the available agricultural resources, Nigeria is also able to improve its economic status by exporting. Furthermore, the government also favors the development of cooperative societies with the purpose of encouraging the industrial agriculture because in Nigeria due to a diverse climate, it is possible the production of almost all agricultural products in the semi-tropical climate.</p>
<p>Agricultural sectors in Nigeria: Before the 1960&#8242;s, agriculture was the main activity in Nigeria. However, once with the development of the oil exporting industry it became necessary the import of food. In order to maximize the agricultural outcomes, other agricultural areas were developed during the last decade. In this way, the main agricultural sectors in Nigeria are the following:</p>
<p>Food crops:  The crop production was the main agricultural activity in Nigeria for a long time and currently comprises of beans, rice, palm oil, yams, cocoa, groundnuts, melon and many other food crops that are favored due to the tropical and semi-tropical climate of this nation.</p>
<p>Cash crops: In this agricultural sector we may include the production of cotton, rubber, kolanut, gum Arabic, beniseed, palm kernels and many other such crops that can grow in this tropical climate.</p>
<p>Forests: In the case of forests, the following forest tees are available in Nigeria: abora, teak, ebony, ekki, black afara, camwood, mahogany, Nigerian walnut. This agricultural sector is an important and resourceful one in Nigeria and it contributes to economic development in the area.</p>
<p>Livestock: Starting with the 1970&#8242;s, a total of 11 million cattle existed and since then on the Nigerian nation has successfully enlarged its livestock production out if which 90% was found in the northern states of the nation. Nowadays, almost all rural households raise their own poultry while chickens represent the predominant poultry in the area. Apart from chickens, in Nigeria there are other animals reared such as cattle, duck, pigs, turkey, sheep, goat, pigeon, donkey and guinea fowls.</p>
<p>Fisheries: This agricultural sector is an important one for Nigeria and ever since the 1970&#8242;s when the domestic production of fisheries has been reaching the level of 700.000 tones on a yearly basis. Currently, the fisheries produced within the borders of Nigeria include crabs, shrimps, spade, shark, grunters, cat fish, thread fin, shiny nose and many more.</p>
<p>To conclude, the Nigerian agriculture offers many opportunities to reach economic development on the long run and represents one of the main activities when it comes to export, as well as the petroleum industry. Nevertheless, Nigeria is applying the appropriate solutions in the case of agricultural resource and this gives this nation a competitive advantage as compared to other emerging markets.</p>
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		<title>How to Find Houses for Sale in Lagos, Nigeria</title>
		<link>http://www.nigeriacentral.info/blog/how-to-find-houses-for-sale-in-lagos-nigeria/</link>
		<comments>http://www.nigeriacentral.info/blog/how-to-find-houses-for-sale-in-lagos-nigeria/#comments</comments>
		<pubDate>Wed, 06 Jan 2010 02:11:28 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Business and Economy]]></category>
		<category><![CDATA[Lagos Home]]></category>
		<category><![CDATA[Lagos Real Estate]]></category>
		<category><![CDATA[Real Estate Sector]]></category>

		<guid isPermaLink="false">http://www.nigeriacentral.info/blog/?p=37</guid>
		<description><![CDATA[In Lagos, Nigeria, there is a tourism boom about to be unleashed following development efforts and economic growth that promises many opportunities to investors. The result of this is a rapidly expanding real estate sector offering unlimited opportunities to reap bountiful harvests from. Take for instance 5 years ago undeveloped land in the Lekki axis [...]]]></description>
			<content:encoded><![CDATA[<p>In Lagos, Nigeria, there is a tourism boom about to be unleashed following development efforts and economic growth that promises many opportunities to investors. The result of this is a rapidly expanding real estate sector offering unlimited opportunities to reap bountiful harvests from. Take for instance 5 years ago undeveloped land in the Lekki axis of Lagos Nigeria and Ikoyi areas sold for less than half its current market value with developed properties selling in some cases for less than one third of the current market price. This is indicative of a real estate boom and unlike the stock market boom of 2004 &#8211; 2008 the real estate boom is an investor&#8217;s haven. In 2009, and onwards there are many places to start your search for houses available for sale in Lagos Nigeria. Here is a compilation of a list of places to find houses for sale in Lagos Nigeria:</p>
<p>1. News papers and magazine publications &#8211; A number of newspapers run dedicated editions for advertising or informing the public about opportunities to buy and sell houses in Lagos Nigeria. The most recognized of these is the Guardian Newspaper which runs a Monday Edition dedicated to the real estate sector. Another well known publication for finding houses for sale in Lagos Nigeria is castles magazine. There is also Properties and Homes magazine among others. The draw back is that these publications can only be bought in Nigeria as they do not circulate globally hence people living abroad may not find this option convenient.</p>
<p>2. Recognized real estate companies and agencies &#8211; There are a lot of real estate companies in Nigeria but a few well known include Jide Taiwo and co, Ubosi Eleh and Co, Diya Fatimilehin and co, UAC Properties Limited and Unions Homes among others. Contacting any of these companies is search of houses for sale is another way to go about it. This option covers you although not completely from the activities of omooniles.</p>
<p>3. Enquiries on on-going projects &#8211; You could also make enquiries about on going projects such as construction of housing estates and other similar projects directly through the contractors who could refer you to the real estate agency or company handling the project or possibly the owner in order to meet with and negotiate a deal if possible. However not all housing projects have options for selling houses as some of them might actually be tenement projects in which case the owners are only interested in letting out.</p>
<p>Conclusion &#8211; Be warned that not all adverts or information made available on channels for sale of houses in Lagos are credible and reliable, you are advised to still carryout some investigation into the claims because some real estate fraudsters are on the prowl looking to defraud unsuspecting buyers of houses in Lagos Nigeria. Also possible for locating houses for sale in Lagos Nigeria is the option of word of mouth from people within your social network although this is hardly as reliable as the other earlier options.</p>
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		<title>Oil Explored &amp; Revealed In Nigerian</title>
		<link>http://www.nigeriacentral.info/blog/oil-explored-revealed-in-nigerian/</link>
		<comments>http://www.nigeriacentral.info/blog/oil-explored-revealed-in-nigerian/#comments</comments>
		<pubDate>Tue, 27 Oct 2009 03:27:02 +0000</pubDate>
		<dc:creator>Admin</dc:creator>
				<category><![CDATA[Business and Economy]]></category>
		<category><![CDATA[Natural Gas]]></category>
		<category><![CDATA[Nigerian Oil Industry]]></category>
		<category><![CDATA[Offshore Oil Drilling]]></category>

		<guid isPermaLink="false">http://www.nigeriacentral.info/blog/?p=34</guid>
		<description><![CDATA[In the late 1950s the British discovered oil in Nigeria. Since then petroleum production has become the biggest industry in Nigeria and a primary contributor to the country&#8217;s gross domestic product. The Nigerian oil industry has however been plagued by political and economic instability. Corrupt military regimes and environmental damage has had a negative impact [...]]]></description>
			<content:encoded><![CDATA[<p>In the late 1950s the British discovered oil in Nigeria. Since then petroleum production has become the biggest industry in Nigeria and a primary contributor to the country&#8217;s gross domestic product. The Nigerian oil industry has however been plagued by political and economic instability. Corrupt military regimes and environmental damage has had a negative impact upon Nigeria in general.</p>
<p>Offshore oil drilling has also started to increase and there is still a lot of potential for growth in this sector. Offshore oil drilling has a few advantages over onshore drilling such as fewer restrictions, fewer raids by local militants and less chance of sabotage. Oil exploration and production is almost completely a joint venture partnership between foreign oil companies and the Nigerian government. Local independent companies account for only a very small amount of petroleum production. Here are some of the foreign oil companies that are operating in Nigeria: Agip, Chevron, Exxon-Mobil, Royal Dutch Shell and Total.</p>
<p>Nigeria also has reserves of natural gas. Unfortunately, most of the natural gas that is uncovered during crude oil extraction is burned off. This may cost Nigeria millions of dollars each day in lost revenue. Most of the country&#8217;s petroleum reserves are located in the area known as the Niger Delta. This is the area that surrounds the Niger river where it forms a delta before entering the Gulf of Guinea. There are also offshore oil reserves that are slowly being extracted by oil rigs.</p>
<p>You might be forgiven for thinking that the general population of Nigeria shares in the wealth that is generated by oil exports. Sadly, this is not the case. In fact, the opposite is true. Due to widespread corruption in the government the vast oil wealth is shared between only the top 1% of Nigeria&#8217;s population. The other 99% of the population has not shared in the wealth created by Nigerian oil revenue. Protests by the general population over social and economic disrepair are usually answered with the use of excessive force by the Nigerian government and military.</p>
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