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3 years ago

Way Out for Nigeria: No More Oil Blocks! - Environmental Rights Action

Way Out for Nigeria: No More Oil Blocks! - Environmental Rights Action

Way Out for Nigeria: No More Oil Blocks! - Environmental Rights

Way Out for Nigeria: No More Oil Blocks! Let’s leave the oil under the Ground ERA brief i by Nnimmo BASSEY As the Niger Delta boils and as Nigeria looks towards a bleak future with diminished oil revenues, the oil corporations operating in Nigeria continue to garner obscene profits. This happens because the corporations are not paying for environmental costs of their operations and because ecological debts go unattended to. Local communities have shouldered the burdens while the corporations laugh all the way to the banks secured by their opaque Joint Venture agreements. The trend of profits made by oil companies over the past couple of years are very telling. These companies reap profits in the face of whatever woes the world is confronted with. In 2007 Shell's net profit rose to $11.56 billion from $8.67 billion a year earlier. ii According to reports, Exxon, the world’s largest privately held oil company, reported a 14% rise in profit to a record $11.68 billion, which was adjudged to be the largest ever for a US corporation. In the first quarter of 2008, Exxon made nearly $90,000 profit a minute! iii Today, we expect Shell to declare another big profit underscoring the fact that the Niger Delta environment is still not receiving the attention it deserves. Spills remain unattended to at Ikarama in Bayelsa State, Ikot Ada Udoh in Akwa Ibom State, Uzere and Iwerekhan in Delta State. Today we demand that they use their “profit” to clean up their mess in the Niger Delta. The convulsions currently gripping the global system have directly impacted on the economic outlook of Nigeria. Banks and other money-gobbling corporations have begun to bop belly side up and citizens of the world have been forced to bear the brunt of their profligacy. What we are witnessing may be on a new scale, but certainly it is not a novel thing. We do well to note that crises of capital would always heap the burden on the producer and consumer while the middlemen constrict both and live off their blood. The major challenge of the Nigerian Sate is related to the collapse of crude oil revenue from an unprecedented height of about $150/barrel to below $40/barrel. This crash has revealed that behind the cheap piles of petrodollars is the true face of active fingers behind the forces that shape the market. We quickly note at this point that the so-called market forces are not as free as international financial institutions would want the world to believe. Some Nigerians are equally worried that even the cheap oil that we depend on may soon be set aside due to the real possibility that the world will move on to new alternative energy sources. If that happens and crude oil attracts less attention, what will be the consequence for the Nigerian economy?

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