Middle East / Africa

Nigeria flag
Summary | Profile

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

28 Apr 21
Nigeria: ADM Energy completes Barracuda field transaction
ADM Energy has completed its acquisition of a controlling interest in a Risk Sharing Agreement for the development of the large-scale Barracuda field in OML 141, an existing discovery and near-term production asset in swamp/shallow waters offshore Nigeria.
26 Apr 21
Nigeria returns Addax's revoked oil fields
Nigeria's president has restored four oil field licences to Addax, a company controlled by China's Sinopec, overruling a previous revocation from the country's petroleum regulator, according to a Reuters report.
21 Apr 21
Nigeria: ADM Energy announces Barracuda field collaboration agreement
ADM Energy has entered into a non-binding collaboration agreement with OES Energy Services, Nigeria's largest swamp rig services provider, and 4Mation Drilling Services, a solution provider in the energy sector. ADM, OES and 4Mation plan to explore opportunities to develop the Barracuda field in OML 141 and associated work-related activity in Nigeria.
12 Apr 21
Nigeria: ADM Energy announces Barracuda feld development update
ADM Energy has entered into a non-binding collaboration agreement with Eunisell, the Nigerian owned oil and gas production solutions company, to explore collaboration opportunities to carry out development of the Barracuda field in OML 141 and associated work-related activity in Nigeria.
09 Apr 21
Nigeria: San Leon Energy provides update on its investment in the Oza field
San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, has provided an update on its investment in the Oza oil field in Nigeria. Decklar Resources and its co-venturer Millenium Oil & Gas Company have announced that activities for the Oza-1 well re-entry at the Oza oil field have made significant progress.

Nigeria - more news

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