n CPEEL Monograph Series - The Nigerian oil & gas sector

Volume 2, Issue 3
  • ISSN :


The Nigerian industrial sector is composed of oil and natural gas, solid minerals and manufacturing subsectors. Although it contributes only 14.4 per cent (Nigeria Bureau of Statistics) to GDP, the oil and gas industry's contribution is a major source of revenue to the government accounting for 80 per cent of its revenue and 96 per cent of its foreign exchange earnings. The Nigerian oil and gas industry began its activities in 1956 when the first oil well was discovered, the pioneering company being the Shell-British Petroleum Group. It boasts in its "light" (relatively high API) and "sweet" (low Sulphur content) crude, Bonny light (37°API), which is used as the benchmark crude oil. The differential geologic formations characterizing Nigerian oil fields produce different types of crude oil which are named after the export terminals. Apart from Bonny light, some of these crudes include Qua Iboe, Escravos blend, Brass river, Forcardos and PeningtonAnfan. The industry makes the country the largest producer of crude oil in Africa and its gas reserves remain the largest in the continent.

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