Economics and finance Colonial Nigeria

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looms in lagos, photographed in 1910–1913 h. hunting of patterson zuchonis trading company


the british treasury supported landlocked northern nigeria protectorate grants, totalling £250,000 or more each year. revenue increased, £4,424 in 1901 £274,989 in 1910. southern protectorate financed outset, revenue increasing £361,815 £1,933,235 on same period.


after establishing political control of country, british implemented system of taxation force indigenous africans shift subsistence farming wage labour. forced labour used directly public works projects. these policies met ongoing resistance


much of colony s budget went payments of military, royal west african frontier force (rwaff). in 1936, of £6,259,547 income nigerian state, £1,156,000 went england home pay british officials in nigerian civil service.


oil exploration began in 1906 under john simon bergheim s nigeria bitumen corporation, colonial office granted exclusive rights. in 1907, corporation received loan of £25,000, repayable upon discovery of oil. other firms applying licenses rejected. in november 1908, bergheim reported striking oil; in september 1909, reported extracting 2,000 barrels per day. however, development of nigerian oilfields slowed when bergheim died in car crash in september 1912. lugard, replacing egerton governor, aborted project in may 1913. british turned persia oil.


european traders in nigeria made widespread use of cowrie, valued locally. influx of cowrie lead inflation.








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