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Which sector contributes the largest quota to the nigerian economy
Nigeria has a population of over 110 million people and an abundance of natural resources, especially hydrocarbons. [ It is the 10th largest oil producer in the world, the third largest in Africa and the most prolific oil producer in Sub-Saharan Africa. The Nigerian economy is largely dependent on its oil sector which supplies 95% of its foreign exchange earnings. The upstream oil industry is Nigeria’s lifeblood and yet it is also central to the ongoing civil unrest in the country, which gained worldwide publicity with the trial and execution of Ken Saro Wiwa, and eight other political
activists in 1995. The upstream oil industry is the single most important sector in the economy. According to the 2011 BP Statistical Energy Survey, Nigeria had proved oil reserves of 37.2 billion barrels at the end of 2010, equivalent to 42.4 years of current production and 2.68 % of the world's reserves. The Nigerian government plans to expand its proven reserves to 40 billion barrels by 2010. Most of this is produced from the prolific Niger River Delta. Despite problems associated with ethnic unrest, border disputes and government funding, Nigeria’s wealth of oil makes it most attractive to the major oil-multinationals, most of whom are represented in Nigeria, with the major foreign stakeholder being Shell. Nigeria produced an average of 2401.6 thousand barrels of crude oil per day in 2010, 2.94% of the world and a change of 16.2 % compared to 2009. According to the 2011 BP Statistical Energy Survey, Nigeria had 2010 proved natural gas reserves of 5.29 trillion cubic metres, 2.82% of the world . Due, mainly, to the lack of a gas infrastructure, 75% of associated gas is flared and 12% re-injected. Nigeria has set a target of zero flare by 2010 and is providing incentives for the production and use of gas. The government also plans to raise earnings from natural gas exports to 50 percent of oil revenues by 2010. ]
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Asked 5/16/2012 6:19:32 AM
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