Glycerol is used as a solvent medium for the precipitation of a complex of nickel and glycerol material. The precipitate is separated from the liquid solvent and dried and calcined in air to produce small (nanometer size) particles characterized by a nickel core encased in a nickel oxide shell. The proportions of nickel core and nickel oxide shell can be controlled by management of the time and temperature of heating in air. Prolonged heating in air can produce nickel oxide particles, or calcining of the precipitate in nitrogen produces nickel particles.