I hope you can read this article from FT.com.
It’s about a new plan, called “revolutionary” by Nigeria’s president. The idea is to get around corrupt local governments, fiefdoms and general political favour-giving and give local people in the Delta money to spend as they see fit.
Here’s an excerpt from the FT piece:
“It would give delta inhabitants direct ownership in the industry by transferring to oil communities the profits after taxes and costs from 10 per cent of the state’s majority holdings in joint ventures with the multinationals.
Mr Egbogah stresses that the dividends would circumvent leaky state and local governments and flow directly to the people. In turn this might provide an incentive for communities to rein in militant and criminal networks that are hampering oil production and profiting from stolen crude.
As one Nigerian oil veteran puts it: “The devil will be in the detail.””
It sounds like a fascinating idea. But I do wonder if anyone has considered how the government plans to keep an eye on where the money is going, and to whom.
Yahoo hosts further coverage from AFP here. Worth keeping an eye on if the plan takes off for those of you interested in the Niger Delta.