By Jide Olufemi Loye

Nigeria, the most populous country in Africa, is undisputedly one of the richest countries in terms of minerals and oil in Africa.

In fact, oil exports presently stand at about one million barrels daily (mostly to the US), and are central to the survival of the State. By law, the Nigerian State owns all mineral deposits in Nigeria, including crude oil, while the federal government controls and distributes the generated revenues.

The Federal Government has been generating over 90% of its foreign exchange revenues from oil exploration, exploitation, and marketing by foreign oil companies. Yet, the contention has been that the government does not use a substantial part of the revenue so generated to provide the needed infrastructure in the Niger Delta area of the country.

In view of this neglect, the Niger Delta people have taken up arms against the country to seek redress. Internal armed conflicts, in turn, pose serious security problems for many countries (especially those who share borders with Nigeria) thus threatening regional security.

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