Oil (no prefixes or suffixes) The price of oil depends on worldwide supply and demand. Africa...

• Oil

• Oil

• (no prefixes or suffixes)

The price of oil depends on worldwide supply and demand.

• Africa produces approximately 30 percent of the worlds newly discovered

oil deposits. Nigeria is one of the fastest growing countries in Africa and oil is

funding this growth

• Human Capital

• Hu-man Cap-i-tal

• Humain (human being)Capitalis  (of the head)

Countries must invest in human capital for their economy to improve.

• health, education, experience, training, skills and values of

people.

• Entrepreneur

• en·tre·pre·neur

• Entrepren (to undertake)

An advantage to being an entrepreneur is that you can be your own boss.

• People who use their money and talents to start a new business

Nigeria

Federal Republic of Nigeria

Flag

• Green represents the forests and abundant natural wealth of the country

• White stands for peace and unity

Map

Capital is Abuja

History

• Nigeria maintained independence until the late 1800s when Britain stepped in and began colonizing the area

• In 1923, a movement began in Nigeria to set up the country as a self-governing member of the British Commonwealth.

• However, another nationalist group wanted complete freedom from British rule.

• Both military and peaceful factions struggled for Nigerian independence

• The federal elections in 1959 gave the nationalist groups enough votes to form a government.

• In 1960, an independent government was established in Nigeria. At first, it was one of the more stable governments of the new African countries

• But at the end of the 1960s, a civil war broke out• Because of clashes between ethnic groups,

Nigeria suffered from violence and military rule until 1999, when a democratic government was established

Government

• Republic

• Distribution of Power – Federal

• Civic Participation – Presidential Democracy

Three BranchesExecutive• Chief of state: President Goodluck Jonathan • Cabinet: Federal Executive Council

Legislative• Bicameral National Assembly consists of the Senate and

House of Representatives

Judicial • Supreme Court (judges appointed by the president)• Federal Court of Appeals

Religious & Ethnic Groups

• Muslim 50%• Christian 40%• Indigenous beliefs 10%

• More than 250 ethnic groups

• Most populous and politically influential:

• Hausa and Fulani 29%• Yoruba 21%• Igbo (Ibo) 18%

Language

• English (official)• Hausa• Yoruba• Igbo (Ibo)• Fulani• over 500 additional indigenous languages

Economy

• Nigeria is the sixth largest producer of oil in the world as well as a major supplier to America

• Much of the Nigerian population is desperately poor because the money bypasses the people and goes straight to corrupt politicians

• While Nigeria has a healthy GDP, about 70% of the people live below poverty level

• The income from oil belongs to a small group of wealthy people

• Nigeria has a mixed economy and has been moving towards a more market economy since 2006 when the government began to allow private ownership of major petroleum interests

Major Industry

• Crude oil• Coal• Tin• Rubber products• Wood• Hides and skins• Textiles• Cement and other

construction materials

• Food products• Footwear• Chemicals• Fertilizer• Printing• Ceramics• Steel

Natural Resources• Natural gas• Petroleum• Tin• Iron ore• Coal• Limestone• Niobium• Lead• Zinc• Arable land

Geography & Climate

• The Niger River enters the country in the northwest and flows southward through tropical rain forests and swamps to its delta in the Gulf of Guinea

Climate Varies – • equatorial in south, tropical in center, arid in

north

Environmental Issues

• Soil degradation• Rapid deforestation• Urban air and water pollution• Desertification• Oil pollution - water, air, and soil• Has suffered serious damage from oil spills• Loss of arable land• Rapid urbanization

• Literacy Rate– Total 68%– Male 75.7%– Female 50.5%

• Life Expectancy– Total 47.2– Male 46.5– Female 48.0

• GDP– $2,400 per capita

• Population• 152,217,341

• Below Poverty Level– 70%