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Influence of the oil industry in Nigeria
An essay on the the effects of an improved oil and gas technology in Nigeria
Essay on petroleum in nigeria
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Recommended: Influence of the oil industry in Nigeria
POWER SECTOR
2.1. General Sector Overview
Nigeria is considered as one of the energy rich country in the world. Nigeria is rated among the top Oil Producer in Africa, second in natural gas reserve (with an estimate of 176trillion cubic feet) and estimated 2 billion metric tons of coal. Nigeria is also rich in water, wind and sun energy from which appreciable electricity can be generated. With the abundance of energy resources, Nigeria need not import energy to achieve a sustainable generating capacity suffices the targeted economic growth and also has excess generation to sell to neighboring countries.
Nigeria’s electric power sector up on till 2013 had been dominated by a State-controlled monopoly which had over the years under performed. This impacted the economy negatively as the shortfall in electricity generation is covered by privately owned generator sets. These are powered by gas, diesel or petrol. This development has necessitated private sector involvement in the sector and has lead to the privatization of the sector. Regulatory framework was changed in 2005 when the Power Sector Reform Act was signed into law. This was followed by the unbundling of PHCN by the government into eleven distribution companies (Discos), six generating companies (Gencos), and a transmission company. The Nigerian Electric Regulatory Commission (NERC), an independent regulatory agency, is now responsible for the regulation and monitoring of the country’s power sector. It was set up to issue appropriate licenses to market participants (players in the Nigerian electricity market). Power generation, transmission and distribution infrastructure, remain significantly inadequate.
Electricity in Nigeria is provided mainly from two sources: Thermal ...
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...d. Funds are provided through Austrian and foreign commercial banks. Commercial banks apply for OeKB refinancing on behalf of their clients and funds are disbursed in form of export credits to the respective exporters.
The funds are provided exclusively up to the amount covered by the respective liability. Maximum maturity of the credit is a function of the maturity of the underlying liability. In the case of delivery transactions the maximum repayment periods are governed by the rules of the OECD Arrangement depending on the country category of the recipient country. Refinancing may be provided for maturities of up to 10 years. Repayment usually starts no later than six months after the starting point of credit (e.g. the date of shipment or acceptance of the goods) and is made no less frequently than every six months in equal installments.
2.11. Outlook and Trends
Thermal power, wind, Hydel and solar energy are the main sources for generating electricity. With the passage of time, the consumption of electricity has increased proportionately with the increase in the world’s population. Due to decline in global economic situations, that includes inflation, unemployment, corruption and other contributing factors have made electricity expensive and unaffordable for the consumers of third world countries. The production cost and the supply cost have increased, and as a result many electricity generation projects stand pending. With the passage of time, conservation of energy has become a core issue for the world.
receive bank financing for this new entity of HKD 2.3bn as a Delay Draw Term Loan (“DDTL”) plus HKD
energy and its ability to produce the electricity necessary for the United States. Studies on
Nathalie Martinez Ms. Rharmili English I, P.1 9/9/15 The Nigerian-Biafran Civil War: Bloodshed within the Land The African Igbo people inhabit the southeastern region of Nigeria. The origin of the Igbo people is yet to be uncovered. There are many theories and speculations involving the derivation of the Igbo civilization, most concerning Gods and other idealistic concepts. The most certain and broad explanation of the culture’s ancestry is that the Ibo derived from Britain roots but from the Nigerian country, when it was divided into different racial groups after its declaration from Britain (Hurst 1).
Some of which include contribution to government revenue and contribution to GDP. Creation of employment opportunities, supply of energy and local expenditure on goods and services and, attraction of Foreign Direct Investment (FDI). But even with these contributions and the increase in oil wealth, oil has not made any significant economic impact to the economy of the country. The World Bank report on Nigeria stated that “At present, petroleum remains a typical enclave industry whose contribution to the
According to the World Ecology Report of Spring 2009, dry lands comprise of 41% of the earth’s total land area, and are home to roughly 2 billion people, or 34% of the earth’s population. It claims that currently (2009) over 250 million people in more than 100 countries were directly affected by desertification and more are at risk (This number would have increased already). The situation is more severe in Africa, where 66% of the total land area are arid or semi-arid. Not only is desertification harmful to the earth and its inhabitants, but it is also expensive each year, the world loses US$42 billion to desertification and its effects” (World Ecology Report, Spring 2009) .
In developed and developing countries, sustainable energy source is the most important subject. There are many different methods of energy production and consumption. Using the cheap, abundant and clean energy sources for generating the electricity is the basic idea of production. Electrical energy is generated from different kinds of power plants. These plants can be put into three groups; hydroelectric power plants, thermal power plants and nuclear power plants. Hydroelectric power plants are used the potential energy of water. Thermal power plants are used the non-renewable energy sources such as oil, coal and natural gas and the nuclear power plants are used the radioactive elements for generating electricity.
However, with a scarcity of coal, more power would be generated from other sources like nuclear, solar and hydro. However, producing electricity from these sources for huge supply would be difficult.
Shah, Anup. "Nigeria and Oil." Glodal Issues: Social, Political, Economic and Environmental Issues That Affect Us All. 10 June 2010. Web. 10 Mar. 2012
What is culture? Culture refers to the cumulative deposit of knowledge, experience, beliefs, values, attitudes, meanings, hierarchies, religion, notions of time, roles, spatial relations, concepts of the universe, and material objects and possessions acquired by a group of people in the course of generations through individual and group striving
Nigeria is the most populous nation in Africa with over 160million people, Male population is greater, with 85,898,305 men, representing 50.87% of the total, compared to 82,935,471 or 49.12% women(1). The life expectancy is 53/55 for male/female respectively, whereby the gross domestic product (GDP) in 2011 was 5.3%, while in the same year the total expenditure on health per capita was 139$(2). With this large growing population, and the increasing life expectancy, the GDP is expected to continually rise as well. The recurrent expenditure on health as at 2008 was 98 million Nigeria Naira (3).
Electrical energy plays critical role in the development of South Africa’s economy, historically South Africa relied primarily on coal for electricity generation, making the electricity sector one of the dominant greenhouse gas emitters(), however these nation has a huge potential to produce cleaner electricity through renewable resources. The challenge at the moment is that those sources are still very expensive and coal is still the cheapest source to produce electricity (Kinghorn, 2014)
Electricity when viewed from an economic perspective is probably the most important man-made commodity of human race. Ever since its invention and commercial use in 18th century to this day, its contribution to progress, growth, innovation and development to mankind has been unequivocal. Electricity markets over the decades have always been regional, oligopolistic and vertically integrated. However, in the last few decades, power markets world-wide are being transformed from highly regulated Government controlled power markets into deregulated and competitive power markets. The traditional vertically integrated electric utility structures of yester-years have been replaced by a deregulated and competitive market scheme in many countries worldwide (Li et al., 2007; Weron, 2006, Girish et al., 2014).
Growth in tourism measured by international arrivals, tourism is also one of the world’s fastest- growing industries in the world. Therefore, tourism industry is important to a particular economy growth, tourism improves economy and infrastructures. It provides jobs such countries like Nigeria that lacks jobs opportunities, lack infrastructures, lack security and so on; tourism can be another main source of income that will help in developing the economy.
ESSENTIAL BACKGROUND: Nigeria has become overrun with challenges, making democratic consolidation extremely difficult for the struggling nation. The primary obstacles to democratic consolidation in Nigeria include: