When did the country with the largest economy in Africa become a member of OPEC?
1971
Title: Economy of Oceania
Passage: On a total scale the region has approximately 34,700,201 inhabitants who are spread among 30,000 islands in the South Pacific bordered between Asia and the Americas. This region has a diverse mix of economies from the highly developed and globally competitive financial market of Australia to the much less developed economies that belong to many of its island neighbours. New Zealand is the only other developed country in the region, although the economy of Australia is by far the largest and most dominant economy in the region and one of the largest in the world.
Title: West Germany
Passage: The foundation for the influential position held by Germany today was laid during the Wirtschaftswunder (economic miracle) of the 1950s when West Germany rose from the enormous destruction wrought by World War II to become the world's third - largest economy. The first chancellor Konrad Adenauer, who remained in office until 1963, had worked for a full alignment with NATO rather than neutrality. He not only secured a membership in NATO but was also a proponent of agreements that developed into the present - day European Union. When the G6 was established in 1975, there was no question whether the Federal Republic of Germany would be a member as well.
Title: Nigeria
Passage: As of 2015[update], Nigeria is the world's 20th largest economy, worth more than $500 billion and $1 trillion in terms of nominal GDP and purchasing power parity respectively. It overtook South Africa to become Africa's largest economy in 2014. Also, the debt-to-GDP ratio is only 11 percent, which is 8 percent below the 2012 ratio. Nigeria is considered to be an emerging market by the World Bank; It has been identified as a regional power on the African continent, a middle power in international affairs, and has also been identified as an emerging global power. Nigeria is a member of the MINT group of countries, which are widely seen as the globe's next "BRIC-like" economies. It is also listed among the "Next Eleven" economies set to become among the biggest in the world. Nigeria is a founding member of the Commonwealth of Nations, the African Union, OPEC, and the United Nations amongst other international organisations.
Title: Economy of the United States
Passage: The US economy is fueled by abundant natural resources, a well - developed infrastructure, and high productivity. It has second highest total estimated value of natural resources, valued at $45 trillion in 2016. Americans have the highest average household and employee income among OECD nations, and in 2010 had the fourth highest median household income, down from second highest in 2007. It has been the world's largest national economy (not including colonial empires) since at least the 1890s. The U.S. is the world's third largest producer of oil and natural gas. In 2016, it was the largest trading nation in the world as well as the world's second largest manufacturer, representing a fifth of the global manufacturing output. The US also has not only the largest economy, but also the largest Industrial sector, at 2005 prices according to the UNCTAD. The US not only has the largest internal market for goods, but also dominates the trade in services. US total trade amounted to $4.92 trillion in 2016. Of the world's 500 largest companies, 134 are headquartered in the US.
Title: Nigeria
Passage: During the oil boom of the 1970s, Nigeria joined OPEC and the huge revenue generated made the economy richer. Despite huge revenues from oil production and sale, the military administration did little to improve the standard of living of the population, help small and medium businesses, or invest in infrastructure. As oil revenues fuelled the rise of federal subventions to states, the federal government became the centre of political struggle and the threshold of power in the country. As oil production and revenue rose, the Nigerian government became increasingly dependent on oil revenues and the international commodity markets for budgetary and economic concerns. It did not develop other sources of the economy for economic stability. That spelled doom to federalism in Nigeria.
Title: OPEC Fund for International Development
Passage: OFID played a significant role in the establishment of IFAD, channeling US$861.1 million in contributions from OPEC member countries towards the agency’s initial capital and first replenishment. Since IFAD's creation, OPEC member states have maintained their firm support of the agency, contributing to additional replenishments of its resources. In addition, OFID itself has given a further US$20 million as a special contribution from its own resources.
Title: OPEC
Passage: Country Region Membership Years Population (2016 est.) Area (km) Oil Production (bbl / day, 2016) Proven Reserves (bbl, 2016) Algeria North Africa 1969 -- 40,606,052 2,381,740 1,348,361 12,200,000,000 Angola Southern Africa 2007 -- 28,813,463 1,246,700 1,769,615 8,423,000,000 Ecuador Americas 1973 -- 1992, 2007 -- 16,385,068 283,560 548,421 8,273,000,000 Equatorial Guinea Western Africa 2017 -- 1,221,490 28,051 227,000 1,100,000,000 Gabon Western Africa 1975 -- 1995, 2016 -- 1,979,786 267,667 210,820 2,000,000,000 Iran Middle East 1960 -- 80,277,428 1,648,000 3,990,956 157,530,000,000 Iraq Middle East 1960 -- 37,202,572 437,072 4,451,516 143,069,000,000 Kuwait Middle East 1960 -- 4,052,584 17,820 2,923,825 101,500,000,000 Libya North Africa 1962 -- 6,293,253 1,759,540 384,686 48,363,000,000 Nigeria Western Africa 1971 -- 185,989,640 923,768 1,999,885 37,070,000,000 Qatar Middle East 1961 -- 2,569,804 11,437 1,522,902 25,244,000,000 Saudi Arabia Middle East 1960 -- 32,275,687 2,149,690 10,460,710 266,578,000,000 United Arab Emirates Middle East 1967 -- 9,269,612 83,600 3,106,077 97,800,000,000 Venezuela Americas 1960 -- 31,568,179 912,050 2,276,967 299,953,000,000 OPEC Total 478,498,000 12,150,695 35,221,740 1,209,103,000,000 World Total 7,588,065,000 510,072,000 80,622,287 1,650,585,000,000 OPEC Percent 6% 2% 44% 73%
Title: Nadim al-Pachachi
Passage: Nadim al-Pachachi (18 March 1914 – 29 February 1976) was the Secretary-General of OPEC from January 1971 until December 1972. Born in Baghdad during the Ottoman Empire, he received a doctorate in petroleum engineering and worked in the Romanian oil fields as a young man. He served as the Minister of Economy in the Iraqi government from 1952 until 1957. He was arrested during the 14 July Revolution in 1958.
Nigeria OPEC