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

02 Apr 24
Nigeria: ADM Energy provides Aje field internal technical review update
ADM Energy has provided an update with respect to the internal technical review of its 12.3% cost share and 9.2% profit share interest in OML-113, Aje Field, offshore Nigeria, announced 1 December 2023.
19 Mar 24
Nigeria: Savannah Energy announces consolidation of Stubb Creek field interest
Savannah Energy has signed Share Purchase Agreements with Sinopec International Petroleum Exploration and Production Corp and Jagal Ventures to acquire 100% of the outstanding share capital of Sinopec International Petroleum Exploration and Production Company Nigeria Limited ('SIPEC'). SIPEC's principal asset is a 49% non-operated interest in the Stubb Creek oil and gas field, located in Akwa Ibom State, Nigeria.
11 Mar 24
Nigeria: San Leon Energy provides corporate update
San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, has provided a corporate update.
28 Feb 24
Nigeria: Helix secures deepwater well intervention contract with Esso offshore Nigeria
Helix Energy Solutions has announced a deepwater well intervention contract award by Esso Exploration and Production Nigeria. The project, located offshore Nigeria in the Erha and Usan fields, is expected to commence in September 2024.
07 Feb 24
Nigeria: TotalEnergies announces start of production at the Akpo West field offshore Nigeria
TotalEnergies and its partners have announced the start of production from the Akpo West field on the PML2 license offshore Nigeria. Located 135 kms off the coast, Akpo West is tied back to the existing Akpo FPSO facility, which started-up in 2009 and produced 124,000 barrels of oil equivalent per day in 2023.

Nigeria - more news

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