Oil Energy Security and the New Scramble for Africa: The Euro America Rush for Africa’s Black Gold in the 21st century.

Assoc. Prof. Augustine Asangwua Ikein
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Africa is well known for strategic resource endowment and historically European nations have had keen rivalry in their quest to control the resources of Africa. Europeans have often gazed into Africa for its resource needs since 1500. After the discovery of the New world, Euro- America turned to Africa for the procurement of Black slaves to work and create wealth for plantation economies of the new world. The labour value and the wealth creating power of black slaves came to be known as Black Gold. The black gold procurement during the triangular slave trade ended about the 1800s and the European quest for land, colonial expansionism and the search for markets brought most of Africa under European rule. The industrial revolution also began in Europe and the black gold in slave trade ended and it was displaced by new lucrativeness found in palm oil trade that served the European industrial revolution up to the 19th century .The essentialness of the palm gold in palm oil ended with the discovery oil- the liquid black of the 20th century and it has the same promise to be the most treasured black gold of the 21stcentury. The same areas in the Gulf of Guinea that served as entreports of the black gold in the slave era have come to be once more the hotbed of Black Gold in oil operations in the 21st century The essentiality of oil has brought new rivalry and scramble for Africa between energy lions of Euro America and Asian tigers. Lying on the stretch of oil soaked west African coastline from Nigeria to Equatorial Guinea has been catapulted into a new oil age following large offshore oil and gas discoveries since 1995. Oil enthusiast believe , it will be the Kuwait of West Africa and the US eyes West African oil . The rush for African oil fields is in full swing. The Euro-American and Asian nations are in keen competition and all meeting with Nigeria and other African leaders for their respective energy security needs of the 21st century. Nigeria the regional power and the leader of African axis of oil with global influence and power is ready to meet with all parties for the orderly exploration and exploitation of oil for the benefit of Africa and its external partners.

Keywords: BlackGold Endowment, Triangular Slave Trade, Euro-America Rush, Oil, Gulf of Guinea, Kuwait of West Africa, Nigeria Regional Power, African Axis of Oil, Global Influence
Stream: Economics and Management, Politics, Public Policy and Law
Presentation Type: Workshop Presentation in English
Paper: A paper has not yet been submitted.

Assoc. Prof. Augustine Asangwua Ikein

Professor, Economics, Finance and Policy Studies
College of Business, Delaware State University

Dover, Delaware, USA

Teaches economics, International trade and finance. And Development.Earned Bsc from City University of New York., MBA from Adelphi University of New York, and PHD from [Atlanta university ,Georgia]. Author of Published books and articles on oil and development. The author of forthcoming book on World Oil Dynamics: A consumer –producer behavoral order: Towards our common energy security future with peace. Earned United States FulBright Fellowship Award ,Nissan Fellow, UNCF/Lily Foundation Award. Achievement award international business, University of South Carolina. Also received Delaware state University Excellence Award in Research and Creativity . Has special interest in social and economics development particularly oil, energy and development in the third world.

Ref: I07P0938