This answers the titile.

2. History of oil explorations in Nigeria.
0Oil was discovered in Nigeria in 1956 at Oloibiri
in the Niger Delta after half a century of
exploration. The discovery was made by Shell-
BP, at the time the sole concessionaire. After
1960, exploration rights in onshore and offshore
areas adjoining the Niger Delta were extended to
other foreign companies.

3. List of oil producing countries (OPEC and Non-
OPEC members)
0 OPEC:
-Baghdad, Iraq, Iran, Qatar, Libya, the United Arab
Emirates, Algeria, Nigeria, Ecuador, and
Angola.
0 Non – OPEC:
-Yemen, Vietnam, United States, United Kingdom,
Syria, Sudan and South Sudan, Russia, Oman,
Norway, Mexico, Malaysia, Kazakhstan, Indonesia,
India, Gabon, Egypt, Denmark, Columbia and many
more.

4. Causes of Fluctuations in oil prices.
0Factors of Production.
0Natural Disasters
0Bad Climate etc.

5. Effects of fall in oil prices on Nigerian
economy.
0 Bearing in mind that Nigeria is an import dependent economy, this
development is worrisome. Consequently, we believe that a combination of
negative performance in all these macro indicators will culminate in rather
unfavorable conditions for an emerging economy like Nigeria. There will be
many riots and rebellions.

6. Solutions/Recommendations to
prevent further fall in oil prices.
0 Time to prone political appointees.
0 Look inwards, reduce cost of governance.
0 Diversification of economy, more taxes long
overdue.

7. Sources:
0 Slide 2:
http://www.nnpcgroup.com/NNPCBusiness/Busines
sinformation/OilGasinNigeria/IndustryHistory.aspx
0 Slide 3:
http://www.opec.org/opec_web/en/about_us/25.htm
& http://peakoilbarrel.com/non-opec-charts/
0 Slide 4:
https://www.pearlmutual.com/publications.php?pa0=
Effect%20of%20Fallen%20Oil%20Prices%20on%2
0the%20Nigerian%20Economy
0 Slide 5: http://leadership.ng/business/391418/oil-
price-fall-experts-proffer-survival-strategies-

8. THANK YOU FOR WATCHING.