Middle East / Africa
Country profile: Nigeria
Location: | Western Africa, bordering the Gulf of Guinea, between Benin and Cameroon |
Climate: | varies; equatorial in south, tropical in center, arid in north |
Terrain: | southern lowlands merge into central hills and plateaus; mountains in southeast, plains in north |
Size: | 923768 sq. km total (Land area: 910768 sq. km Water area: 13000 sq.km) |
Population: | 138,283,240 |
Languages: | English (official), Hausa, Yoruba, Igbo (Ibo), Fulani |
Government: | federal republic |
Capital city: | Abuja |
Legal system: | based on English common law, Islamic law (in 12 northern states), and traditional law; accepts compulsory ICJ jurisdiction with reservations |
Currency: | naira (NGN) |
Licensing: |
Country profile
On April 21, 2007, Nigeria held presidential elections, marking the first time in Nigeria’s history that the country passed control from one civilian government to another. During the 16 months preceding the election, militant activity in the Niger Delta (especially near Warri and Port Harcourt) has severely impacted Nigeria’s oil production potential by shutting-in an estimated 20 percent of total production.
The Nigerian economy is heavily dependent on the oil sector, which accounts for 95 percent of the country’s total export revenues. In 2004, Nigeria’s energy consumption mix was dominated by oil (58 percent), followed by natural gas (34 percent) and hydroelectricity (8 percent). Coal, nuclear and other renewables are currently not part of the country’s energy consumption mix. Between 1984-2004, the share of oil in Nigeria’s energy mix has decreased from 77 percent to 58 percent. Natural gas consumption increased from 18 percent to 34 percent. Hydroelectricity has seen a slight increase as well from 5 percent to 8 percent.
British influence and control over what would become Nigeria grew through the 19th century. A series of constitutions after World War II granted Nigeria greater autonomy; independence came in 1960. Following nearly 16 years of military rule, a new constitution was adopted in 1999, and a peaceful transition to civilian government was completed. The government continues to face the daunting task of reforming a petroleum-based economy, whose revenues have been squandered through corruption and mismanagement, and institutionalizing democracy. In addition, Nigeria continues to experience longstanding ethnic and religious tensions. Although both the 2003 and 2007 presidential elections were marred by significant irregularities and violence, Nigeria is currently experiencing its longest period of civilian rule since independence. The general elections of April 2007 marked the first civilian-to-civilian transfer of power in the country's history.
Energy production and consumption
Oil | Gas | |
Production: | 2 million bbl/day (2006 est.) | 21 billion cu m (2005 est.) |
Consumption: | 302,000 bbl/day (2006 est.) | 9 billion cu m (2005 est.) |
Exports: | 2 million bbl/day (2006 est.) | 11 billion cu m (2005 est.) |
Imports: | 167,900 bbl/day (2006 est.) | |
Reserves: | 37 billion bbl (2007 est.) | 5 trillion cu m (1 January 2006 est.) |
Major fields: |
Nigeria - recent news
11 Oct 24 |
Shelf Drilling announces new contracts in West Africa Shelf Drilling has announced new contracts for two jack-up rigs in Nigeria. The Company has executed a three-year contract for the Shelf Drilling Achiever jack-up rig for operations offshore Nigeria and has secured a two-year extension for the Adriatic I jack-up rig in direct continuation of the rig’s current contract in Nigeria, plus an additional one-year option. |
30 Sep 24 |
Nigeria: Exxon plans $10 billion oil investment in Nigeria ExxonMobil has proposed a $10 billion investment in offshore oil operations in a new investment push in Nigeria, a presidential spokesperson said on Thursday, citing company executives. |
22 Aug 24 |
Nigeria: Eni completes sale of NAOC to Oando Eni has announced the closing for the sale of its wholly owned subsidiary, Nigerian Agip Oil Company ('NAOC'), engaged in onshore oil & gas exploration and production in Nigeria, as well as power generation, to Oando, Nigeria’s leading indigenous energy solutions provider |
24 Jul 24 |
Nigeria: Eni receives consent from Nigerian Upstream Petroleum Regulatory Commission to the sale of NAOC to OANDO Eni has received formal consent from the Nigerian Upstream Petroleum Regulatory Commission for the sale of NAOC to Oando. This achievement will allow Eni to proceed to the completion of the transaction for the sale of Nigerian Agip Oil Company (NAOC), Eni’s wholly owned subsidiary focusing on onshore oil & gas exploration and production as well as power generation in Nigeria, to Oando. |
17 Jul 24 |
Nigeria: TotalEnergies sells its interest in SPDC JV, retaining interest in gas supply to Nigeria LNG TotalEnergies has announced that its subsidiary TotalEnergies EP Nigeria signed a sale and purchase agreement (SPA) with Chappal Energies for the sale of its 10% interest in the SPDC JV licenses in Nigeria. |
Nigeria - more news
Other countries in this region
- Algeria,
- Angola,
- Bahrain,
- Benin,
- Botswana,
- Burundi,
- Cameroon,
- Central Africa Republic,
- Chad,
- Comoros,
- Congo (Brazzaville),
- Congo (Democratic Rep.),
- Cote d'Ivoire,
- Djibouti,
- Egypt,
- Equatorial Guinea,
- Eritrea,
- Ethiopia,
- Gabon,
- Gambia,
- Ghana,
- Guinea (Republic),
- Guinea Bissau,
- Iran,
- Iraq,
- Israel,
- Jordan,
- Kenya,
- Kuwait,
- Lebanon,
- Liberia,
- Libya,
- Madagascar,
- Malawi,
- Mali,
- Mauritania,
- Mauritius,
- Morocco,
- Mozambique,
- Namibia,
- Niger,
- Oman,
- Palestine,
- Qatar,
- Rwanda,
- Sao Tome,
- Saudi Arabia,
- Senegal,
- Seychelles,
- Sierra Leone,
- Somalia,
- Somaliland,
- South Africa,
- South Sudan,
- Sudan,
- Syria,
- Tanzania,
- Togo,
- Tunisia,
- Uganda,
- United Arab Emirates,
- Western Sahara,
- Yemen,
- Zambia,
- Zanzibar,
- Zimbabwe