Oil is the central component of the Nigerian economy and has been since 1970 after the boom that increased revenue earnings from exports to $340 billion. Here are some other numbers that have defined this sector.
Nigeria’s foreign exchange that comes from oil
Government revenues is gotten from Crude oil.
Nigeria’s current oil production as against its capacity to deliver 2.5 mbpd
By the size of reserves, Nigeria the tenth most petroleum-rich nation, Nigeria holds Africa’s largest reserves.
Nigeria has a total of 159 oil fields and 1481 wells in operation.
Nigeria has six petroleum exportation terminals in the country. Shell owns two, while Mobil, Chevron, Texaco, and Agip own one each.
Nigeria is the largest producer of low-sulphur sweet oil in OPEC
During a period Nigeria provided 10% of US entire oil exports. Now Nigeria’s biggest buyer is India
Nigeria’s oil reserves now estimated at 37bn barrels 110 years is how long Nigeria’s gas reserves is expected to last
Amount Nigeria has saved in its sovereign wealth fund compared to UAE that has over $600bn.
Capacity of Nigeria’s four refineries which is supplied by NNPC to enable them supply Nigeria with petroleum products
Nigeria’s refineries performance is less than 20% of its optimum capacity. The rest is used for crude oil swaps
Number of marginal fields that exist in Nigeria but only 2.1% of crude oil production is linked to marginal fields.
Is the year the government has declared flaring to be illegal but is yet to impose the deadline for stopping this practice
Of major fields where flaring occurs is owned by the government through NNPC in joint venture
Million according to a Ribadu led recommendation has been lost to unpaid gas flaring penalties.
Is the estimated amounted Nigeria has lost as a result of stalled investments due to non-passage of PIB.