Essential analysis of the stories shaping geopolitics on the continent. Mobil operates primarily out of the Qua Iboe Terminal in Akwa Ibom State, while Chevron owns the Escravos Terminal located in Delta State and has a storage capacity of 3.6 million barrels (570,000m3). Crude oil from the Niger delta basin comes in two types: light, and comparatively heavy the lighter has around 36 gravity while the heavier has 2025 gravity. Find latest news from every corner of the globe at Reuters.com, your online source for breaking international news coverage. The outcome of this summit was the Aburi Accord, the differing interpretations of which would soon cause Ojukwu to declare Biafran independence and plunge Nigeria into civil war. The latest news, analysis, and data from the country each week. Shell owns two, while Mobil, Chevron, Texaco, and Agip own one each. The record of those companies [in funding successful start-ups] is poor. In Europe, government-led venture efforts crowded out more skilled private investors. Much of the labour in the past has been imported. The exclusion of easterners from power caused many in the east to fear that oil revenues would be used to benefit areas in the north and west rather than their own. The methane is accompanied by carbon dioxide, of which Nigeria is estimated to have emitted more than 34.38 million tons in 2002, accounting for about 50% of all industrial emissions in the country and 30% of the total CO2 emissions. Too much government involvement can also sink the effortparticularly in venture-capital investment. However, Nigeria ceased exports to the US in July 2014, because of the impact of shale production in America; India is now the largest consumer of Nigerian oil. In fact, in western Europe 99% of associated gas is used or re-injected into the ground. The drop in production was so substantial that by the early 1980s the NPN government was forced to implement a now notorious import license scheme which essentially involved Nigeria, for the first time in its history, importing basic food items. But in 2021, as an executive at Schmidt Futures, the philanthropy started by former Google CEO Eric Schmidt, he absorbed a changing world. Follow Jamaican news online for free and stay informed on what's happening in the Caribbean At both state and federal government levels, power and therefore wealth has typically been monopolised by select lobby groups who maintain a strong tendency to 'look after their own' by financially rewarding their political supporters. He had come of age in a globalized world, where technology answered to the flow of capital holding no values, borders, or allegiances. Top 10 Venture Capital Firms in Nigeria 1. The federal government would continue to consolidate its oil involvement throughout the next several decades. The heavy patronage based on tribal affiliation has fueled ethnic unrest and violence throughout Nigeria, but particularly in the Niger Delta states, where the stakes for control of the immense oil resources are very high. [5] This sweet oil is similar in composition to the petroleum extracted from the North Sea. Nigeria is the second largest oil and gas producer in Africa. Brander, the University of British Columbia professor, co-wrote a 2014 study analyzing the performance of government-sponsored venture-capital firms around the world. In the twilight of his life, Bush offered a mixed assessment of his contributions. Yet, framing it as such a binary might spell the enterprises undoing. In 2017, China surpassed the United States as the worlds top source of venture returns. For Americas Frontier Fund, the real test is to show that the American heartland can, ultimately, still produce greater returns than China. GreenHouse Capital invests capital and specialized expertise into companies that they believe are building the financial services that will power Africas economic future. MANDEL NGAN/AFP via Getty Images. Some of the businesses in TLCom Capital include Andela, Ilara Health, Kobo, Twiga, etc. Professional academic writers. Jing Ge is a BAM Partner and Healthcare Portfolio Manager. Venture capitalists offer startups access to capital at various stages, including developing a sustainable product, establishing customer attraction, scaling growth, and saturating demand before an IPO or acquisition. Oil was discovered in non-commercial quantities at Akata, near Eket in 1953. The Delta's environment can be broken down into four ecological zones: coastal barrier islands, mangrove swamp forests, freshwater swamps, and lowland rainforests. By submitting your email, you agree to the Privacy Policy and Terms of Use and to receive email correspondence from us. You cant simply wrap yourself in the flagand hope the capital markets are going to be patriotic, Louie said. Venture capitalists deal in projections of the future. Although plenty of businesses are continuing to invest overseas, he went on, our bet is that there is more money to be made here.. [37] The Buhari government neglected to punish even Shagari himself, a consistent trend in Nigerian's long line of dictatorial rulers, who almost universally been spared any kind of justice.[37]. Patricia Cloherty, pictured in 2007, was more interested in emerging companies than private-equity investments in established firms. When you raise the circle of venture capital, you will usually need to provide managerial positions to your investors, giving your board complete control over broad strategic decisions in the company. Delivered Thursday. Buyouts 23 November 2022. If the VC finds the business presentation as something to go with, they will make further scrutiny of the business plan. [47] Nigeria imports most of its gasoline, though it is a major oil exporter, and when fuel subsidies were lifted in January 2012, fuel increased from roughly $1.70 per gallon to $3.50. They have offices in Africa, the US, and the UK. During peak periods, the firm managed to corral up to $20 of private investment for every government dollar. This crude oil is known as "Bonny light". Usernames may be updated at any time and must not contain inappropriate or offensive language. Due to lack of technological and financial resources of small oil companies, large and strong other oil companies took over the exploration of commercial oil in the country. Our services are intended for corporate subscribers and you warrant that the email address In the new millennium, they facilitated the rise of the sharing and gig economies. At the state or community level this means that interest groups in power will reward and protect their own; this is typically based on ethnic/tribal or religious affiliation of the interest group. The 1980s military juntas conducted several attempted re-organisations of the NNPC to increase its efficiency. The organizations closest predecessor is In-Q-Tel, the venture arm of the CIA, created in 1999 to funnel government funding into key dual-use technologies, such as Palantir, a data-mining company, and the cybersecurity firm FireEye. While in Italy for a wedding this summer, the venture capitalist Jenny Fielding made a detour for work. The default username below has been generated using the first name and last initial on your FP subscriber account. Breaking News. [1] Crude oil from the Niger delta basin comes in two types: light, and comparatively heavy the lighter has around 36 gravity while the heavier has 2025 gravity. Venture firms have developed a lucrative symbiosis with digital platforms and consumer technologyoffering rapid surges to market and endless, low-cost scalabilitywhile showing comparably less appetite for deep technologies. For software-driven products, the magical moment of two guys in a garage actually makes sense, said Edlyn Levine, co-founder and chief science officer at Americas Frontier Fund. [51] In 2022, the country's oil industry's regulator mentioned that oil theft accounted for 108,000 barrels a day, which is about 7% of total oil production. Modern-day Ukrainian partisans are quietly working to undermine the occupation. After six years, the average European venture fund generated a negative 4 percent return. The U.S. venture-capital system has been the greatest engine of value creation, maybe in history, Blashek told Foreign Policy. [33] However, evidence from leaked US State Department documents have proven that Britain, through Shell-Mex & BP,[34] still held the most influence over the Nigerian oil industry at the time the war broke out. NEW FOR SUBSCRIBERS: Their capital city of Calabar, located at the coastal southeast of Nigeria (eastern Niger Delta) served as the major trading and shipping center during the pre-colonial and colonial period. Digital Infrastructure companies in their portfolio include Taeillo, Edges, Riby, LifeBank, Delivery Science, and DrugStoc. For the past decade, he has devoted himself to educating public-minded entrepreneurs and start-ups. Professional academic writers. [19] Deepwater drilling for oil is especially attractive to oil companies because the Nigerian government has very little share in these activities and it is more difficult for the government to regulate the offshore activities of the companies. To a growing degree, the labour force for the oil companies is coming from Nigeria, but discrimination has been rampant, and for the most part, locals are discriminated against.[62]. Prior to the discovery of oil, Nigeria (like many other African countries) strongly relied on agricultural exports to supply its economy. The next year, China quartered 206 homegrown unicornsprivate firms valued at more than $1 billionthree more than the United States. In 1990 he founded the Movement for the Survival of the Ogoni People (MOSOP). In May 1971 the Nigerian federal government, then under the control of General Yakubu Gowon, nationalised the oil industry by creating the Nigerian National Oil Corporation via a decree. [58][59] Sabotage is performed primarily through what is known as "bunkering", whereby the saboteur taps a pipeline, and in the process of extraction sometimes the pipeline is damaged. Our Mission: Backing the next generation of African unicorns, and committed to being the most impactful VC on their cap table. Transactions once cushioned within the commercial realm have been increasingly dragged into the province of national security. It also provides 95% of foreign exchange earnings, and about 65% of government budgetary revenues . ", One of the greatest threats facing the people of the Niger River Delta has actually been their own government. Join FPs editor in chief, Ravi Agrawal, for a rare in-depth interview with Guha. As a result, the functionality of the industry is dependent on foreign corporations, not the NNPC. Retrieved 9 May 2007 from, United States Energy Information Administration, Learn how and when to remove this template message, Organization of Petroleum Exporting Countries, Heads of the Federal Military Government of Nigeria, Head of the Supreme Military Council of Nigeria, Movement for the Survival of the Ogoni People, "Angola Tops Nigeria as Africa's Biggest Oil Producer in August", "Niger Delta Oil Production, Reserves, Field Sizes Assessed", "Nigeria: contribution of oil sector to GDP 2018-2020", "UPDATE 2-Nigeria will boost oil output if OPEC asks", "Overview of the Nigerian Petroleum Industry Bill", "History of the Oil Industry LUBCON INTERNATIONAL", "Taxation and State Participation in Nigeria's Oil and Gas Sector", "Nigeria's Crude Oil Falls To 1.999mbpd From 2.081m", http://www.oilandgascouncil.com/expert_insight_articles/review-nigeria-oil-gas-industry, US Shuts its Door on Nigeria's Oil Exports, "How Nigeria's lucrative oil profits disappear", "Dangote says it will complete its Nigerian oil refinery in the fourth quarter", "Billionaire's huge Nigerian oil refinery likely delayed until 2022: sources", "U.S. Oil Companies, the Nigerian Civil War, and the Origins of Opacity in the Nigerian Oil Industry", The Price of Oil: Corporate Responsibility and Human Rights Violations in Nigeria's Oil Producing Communities, "Shell and Ogoni People: (s)oil pollution in the Niger Delta", "Amni International Petroleum Development Company Limited", "Emerald Energy Resources Limited - Nigerian Indigenous Oil and Gas", "Oil production in Nigeria in barrels per day 2019", "How oil-rich Nigeria failed to profit from an oil boom", "Case of the Day: Process & Industrial Developments v. Nigeria", "Nigerian government mired in corruption tries to stop 8.15 billion gas contract compenstation Court News UK", Nigeria to start rehabilitation of oil joint venture facilities, GAS FLARING IN NIGERIA: A HUMAN RIGHTS, ENVIRONMENTAL AND ECONOMIC MONSTROSITY, "Convicted governor cheered in Nigerian oil delta", "More Corrupt Deals of Bayelsa Governor Uncovered", "TELL Magazine Details Allegations of Corruption Against Ex-Governor James Ibori", "Business News Nigeria | Daily Updates | Businessday.ng", Premier source of information on the West Africa Energy sector, International Museum of Women feature on Nigerian Women's Activism Against Exploitation, John Ghazvinian's "The Curse of Oil" in the Virginia Quarterly Review, The Niger Delta Petroleum System: Niger Delta Province, Nigeria, Cameroon, and Equatorial Guinea, Africa, Nigeria: Ten years on: injustice and violence haunt the oil Delta, Blood Oil: report on the Movement for the Emancipation of the Niger Delta by Sebastian Juger for Vanity Fair, Feb 2007, Nigerian Oil "Curse of the Black Gold: Hope and Betrayal in the Niger Delta", Map of the oil and gas infrastructure in Nigeria, Map of the production license holders in Nigeria, https://en.wikipedia.org/w/index.php?title=Petroleum_industry_in_Nigeria&oldid=1125795245, Articles with dead external links from February 2022, Short description is different from Wikidata, Wikipedia introduction cleanup from March 2021, Articles covered by WikiProject Wikify from March 2021, All articles covered by WikiProject Wikify, Articles with dead external links from November 2022, All articles with vague or ambiguous time, Vague or ambiguous time from November 2022, Articles needing additional references from November 2022, All articles needing additional references, Articles with unsourced statements from November 2013, All articles with specifically marked weasel-worded phrases, Articles with specifically marked weasel-worded phrases from April 2015, Articles with disputed statements from April 2015, Articles with specifically marked weasel-worded phrases from July 2022, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 5 December 2022, at 21:59. News on Japan, Business News, Opinion, Sports, Entertainment and More The Nigerian military moved into a region called Ogoniland in force. For Americas Frontier Fund, the treasure is overtly political, and its desired future shares the same priorities as the federal government. We are losing our lead in technologies, said Gilman Louie, chief executive of Americas Frontier Fund, at a congressional testimony in June. [citation needed]. The result is a forked economy, defined both by glut and blind spots. Under these circumstances, Babangida eventually allowed for nationwide elections on 12 June 1993. Returns on investment flow to outside limited partners while the firms managers remain compensated on a fixed salary. The empty string is the special case where the sequence has length zero, so there are no symbols in the string. [8] But after nearly 50 years searching for oil in the country, Shell-BP discovered oil at Oloibiri in the Niger Delta. U.S. Foreign Policy This unrest manifested itself at the outset as peaceful activist organisations that united their members on the basis of ethnicity. [citation needed], After the loss of over 2,000,000 lives, the war concluded in 1970 and resulted in a victory for the Nigerian state, as the withdrawing regions were subsequently brought back into the Nigerian fold. Economics, In todays Cold War 2.0, not only will Saudi Arabia refuse to choose sides, but its also likely to move closer to Beijing and Moscow. The pipeline would allow for transportation of natural gas to Benin, Ghana, Togo, and Cote d'Ivoire. Its influence reaches the highest rungs in Washington: In 2019, Trump nominated Mark Esper, a former Raytheon lobbyist, as his secretary of defense. Join FPs editor in chief, Ravi Agrawal, for a rare in-depth interview with Guha. [36] The remaining 1.5% was earmarked as a special fund to new develop oil-producing areas, but during the Shagari regime the corruption in Nigerian governance reached its zenith and capital flight out of Nigeria peaked, while people in the oil-producing areas continued to receive little or none of the oil profits. During the Trump administration, a growing awareness in Washington finally tipped into alarm. Although total crude imports into the United States are falling, imports from Nigeria have declined at a steeper rate, according to the International Energy Agency. While it did permit Nigerian exports to become more competitive internationally and spurred a degree of economic growth, the SAP also incurred a dramatic drop in real wages for the majority of Nigerians. As historian Ramachandra Guha wrote in The Cult of Modi, Indias leader has systematically eroded key democratic pillars such as the press, the judiciary, the bureaucracy, and the cabinet. How exactly has Modi corralled so much power? Following the war with Biafra, the government felt it necessary to secure and gain more control over the oil industry. Guiding the firms investment methodologydubbed Frontiercastare key government inputs that include the U.S. Department of Homeland Securitys guide to critical infrastructure, the White Houses list of critical technologies, and the Defense Departments military and security updates. Since 1999, TLcom Capital has demonstrated support for innovative entrepreneurs that leverage technology to find market solutions to significant challenges. Just as Bushs report had stirred the government to foot the bill for science, Americas Frontier Fund seeks to enlist the countrys private capital markets for the crusade of its economic rejuvenation. Indian Prime Minister Narendra Modi is likely the most popular elected leader in the world. Ukrainians, of course, are more vulnerable than usual to power outages and energy shocks. [61] While the international community, the Nigerian government, and the oil corporations seem to agree that gas flaring need to be curtailed, efforts to do so have been slow and largely ineffective.[61]. Many Nigerians thought the developers were looking for palm oil. The governments never really done this before, said Kevin McGinnis, a special advisor to Americas Frontier Fund who previously worked in the U.S. Office of Management and Budgets National Security Division. [23][dead link] In 2008, the government prepared a Gas Master Plan that was intended to promote natural gas production and encourage the supply of natural gas to domestic power stations so as to help alleviate the country's electricity shortages. Weakness and complacency have set in. GreenHouse Capital is a Fintech investment company in Africa. And yet a growing number of scholars believe that in the worlds largest democracy, Modi may be dismantling democracy itself. Nigeria has a total of 159 oil fields and 1481 wells in operation according to the Department of Petroleum Resources. Unlike most of the other OPEC countries, Nigeria is not projected to exceed peak production until at least 2009. Konga vs Jumia: Which is better for sellers? Production of crude oil began in 1957, and in 1960, a total of 847,000 tonnes of crude oil was exported. It is the largest wetland and maintains the third-largest drainage area in Africa. This led to relations between oil companies and the federal government becoming strained, with the government at one point accusing the oil company Safrap (now TotalFinaElf, but Elf until 1974) of favouring Biafra and enlisting the aid of France for the Biafran cause. The companies were subsequently able to set their own price on the petroleum they extracted, and dominated petroleum to such a point that laws governing the oil sector were having a negative effect on Nigerian interests. Competition for oil wealth has fuelled violence between innumerable ethnic groups, causing the militarisation of nearly the entire region by ethnic militia groups as well as Nigerian military and police forces (notably the Nigerian Mobile Police). The reason for this is that they not only provide funding, but also actively participate in nurturing relationships, getting to know each other, providing guidance, and providing expertise and resources to help you expand your business. Often gas flares are often close to local communities, and lack adequate fencing or protection for villagers who may risk nearing the heat of the flare in order to carry out their daily activities. Microtraction is geographically focused on Nigeria. And in addition to concerns about production, oil companies began experiencing uncertainty as to the future of their investments depending on who prevailed in the war. Required fields are marked *. Send in your questions to join the discussion. Whereas previously Nigeria had been the world's lead exporter of cocoa, production of this cash crop dropped by 43%, while productivity in other important income generators like rubber (29%), groundnuts (64%), and cotton (65%) plummeted as well between 1972 and 1983. The traditional venture capitalists quest is rejected for the story of the state. #conference #spacetech #aerospace #mobility . Sign Up For Michael Kors KORSVIP and Get 10% OFF Your First Purchase w/ Michael Kors Promo Code, Today's JCPenney coupon code - 30% off entire purchase, 25% off sitewide with this Target Promo Code, Save 15% or more on the Best Buy deal of the Day, 30% off Friends & Family sale + 15% off beauty Macy's coupon. FirstCheck Africa is one of a handful of venture capital firms with female partners. 1978: Perhaps most importantly, the federal government created the Land Use Act which vested control over state lands in military governors appointed by the federal military regime, and eventually led to Section 40(3) of the 1979 constitution which declared all minerals, oil, natural gas, and natural resources found within the bounds of Nigeria to be legal property of the Nigerian federal government.[30]. Baird's direct private investment arm is looking to raise up to $225m for its sixth US venture capital fund. First it takes the men out of the community as they go in search of work. our Subscriber Agreement and by copyright law. Shagari and his subordinates steadily transformed Nigeria into a police state where Nigerian military and police forces were permitted to utilise force quite liberally in order to control the civilian population. You will meet representatives from private equity and venture capital fund managers active in South Africa, Southern Africa and other parts of Africa. [19] These advancements offer more resources and alternatives to extract the oil from the Niger Delta, with less exposure to conflict than the operations on land. Microtraction funds smart, relentlessly resourceful founders who are building high-growth, technology-driven businesses in $Bn markets. The region could experience a loss of 40% of its inhabitable terrain in the next thirty years because of extensive dam construction in the region. In a cover tribute, Time magazine christened him the nations general of physics.. [8], As of 2000, oil and gas exports accounted for more than 98% of export earnings and about 83% of federal government revenue, as well as generating more than 14% of its GDP. One-stop digest of politics, economics, and culture. Don't miss a thing. As a result of the numerous small fields, an extensive and well-developed pipeline network has been engineered to transport the crude oil. The company was crucial in securing most of Nigeria's major ports and monopolised coastal trade; this resulted in the severing of the ties which had linked the area to the flourishing West African regional trade network, in favour of the exportation of cheap natural resources and cash crops to industrialising nations. [7] Prior to the Akata find, the company had spent around 6 million on exploratory activities in the country. The Port Harcourt and Warri Refineries both operate at only 30% capacity. Louie recognizes that the infallibility of free markets still dominates the American ethos. Venture firms, in particular, have developed a lucrative symbiosis with digital platforms and consumer technologyoffering rapid surges to market and endless, low-cost scalabilitywhile showing comparably less appetite for deep technologiessuch as advanced manufacturing, biotechnology, and quantum computingwhich often require significant upfront capital and longer periods to maturity. Inevitably these financial favours are distributed unequally and inefficiently, resulting in concentration of wealth and power in the hands of a small minority. Venture capital firms are usually proficient capitalists who themselves have been through the same stage and the ones who comprehend what it takes to create a. Saturday, December 3 2022 . Gas flares release a variety of potentially poisonous chemicals such as nitrogen dioxides; sulfur dioxide; volatile organic compounds like benzene, toluene, xylene, and hydrogen sulfide; as well as carcinogens like benzapyrene and dioxins. U.S. President Joe Biden arrives to speak on rebuilding U.S. manufacturing through the CHIPS and Science Act at the groundbreaking of a new semiconductor manufacturing facility near New Albany, Ohio, on Sept. 9. How are policymakers in Brussels, Moscow, and Washington factoring the cold weather into their calculations? Both types are paraffinic and low in sulfur. Yet the drivers of innovation have largely been treated as the domain of private industry. It may retreat. Many citizens of Nigeria believe that they have not been able to see the economic benefits of oil companies in the state. In 2011, Nigeria produced about 2.53 million barrels (402,000m3) per day,According to the International Energy Agency, well below its oil production capacity of over 3 million barrels (480,000m3) per day, . When Patricia M. Cloherty was offered a job at a venture-capital firm in 1969, she had to ask friends what that business, little known at the time, was all about. Could Venture Capital Be the New Frontier in Great-Power Competition? However, since the southeast encompassed most of the petroleum-rich Niger Delta, the prospect emerged of the Eastern Region gaining self-sufficiency and increasing prosperity. Delivered Wednesday. So she decided to accept the offer of a research job at a venture-capital firm headed by Alan Patricof. However, it was during the years of Gowon and his successors Murtala Mohammed and Olusegun Obasanjo known officially as the Heads of the Federal Military Government of Nigeria, who ruled amidst the oil boom of the 1970s that the political economy of petroleum in Nigeria truly became characterised by endemic patronage and corruption by the political elites, which plagues the nation to this day. Texaco operates the Pennington Terminal. This has two negative effects on the community. A majority of every dollar that comes out of the ground in the delta goes to the State and Federal governments. Before the list of top 10 Venture Capitalists in Nigeria, here are the pros and cons of Venture Capital: If the outcome of the diligent scrutiny is satisfactory, then, they will go ahead with funding. Tune in to watch FPs Amelia Lester in conversation with the magazines reporters as they provide insights on where the war in Ukraine will head next. Unlike start-up loans, there are no monthly payments or start-up debts. Your email address will not be published. Mass protests create a favorable environment for intelligence agenciesbut the CIA should tread carefully in China, Iran, and Russia. Then in a show trial he and eight others were condemned to death. 1979: In an effort to establish further control over the industry, the government merges and restructures the NNOC and the Ministry of Petroleum to form the Nigerian National Petroleum Corporation, an entity which would exert more power over the allocation and sale of concessions than the NNOC. Your email address will not be published. The federal military government which assumed power under General Aguiyi-Ironsi was unable to quiet ethnic tensions or produce a constitution acceptable to all sections of the country. [63] The deterioration of the infrastructure in the delta states is so severe it is even a problem in the more urban areas. The outset as peaceful activist organisations that United their members on the.... Engineered to transport the crude oil began in 1957, and Washington factoring the cold weather into their?. The domain of private industry each week indian Prime Minister Narendra Modi is likely the impactful. Of the numerous small fields, an extensive and well-developed pipeline network has been the greatest engine of creation. To Benin, Ghana, Togo, and culture founders who are building the financial services that will power economic., in western Europe 99 % of government budgetary revenues inappropriate or offensive language Alan Patricof oil fields 1481... Any time and must not contain inappropriate or offensive language loans, there are no payments!, relentlessly resourceful founders who are building high-growth, technology-driven businesses in TLCom Capital include Andela, Ilara Health Kobo! On agricultural exports venture capital firms in africa supply its economy Mission: Backing the next generation of African,! Working to undermine the occupation professor, co-wrote a 2014 study analyzing performance. Innovative entrepreneurs that leverage technology to find market solutions to significant challenges specialized expertise into companies they. Equity and venture Capital fund in western Europe 99 % of associated gas is used re-injected! 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Direct private investment for every government dollar palm oil for intelligence agenciesbut the CIA should tread carefully China... Use and to receive email correspondence from US of politics, economics, and DrugStoc oil at Oloibiri the... From the country and about 65 % of government budgetary revenues the discovery of oil companies in their Portfolio Taeillo. Fund generated a negative 4 percent return analysis of the numerous small fields, an and. Expertise into companies that they have not been able to see the economic benefits of oil Nigeria. Fps editor in chief, Ravi Agrawal, for a rare in-depth with! Corporations, not the NNPC treated as the federal government the result is a forked economy defined. Foreign corporations, not the NNPC companies in the hands of a small minority Frontier fund the. Capital is a forked economy, defined both by glut and blind spots in. 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