Petroleum industry in Nigeria

Nigeria is the largest oil and gas producer in Africa. Crude oil from the Niger Delta basin mostly comes in two types: light, and comparatively heavy – the lighter crude has API gravity of approximately 36 while the heavier crude has API gravity range 20 -25. Both types are paraffinic and low in sulfur. Nigeria's economy and budget have been largely supported from income and revenues generated from the petroleum industry since 1960. Statistics as at February 2021 show that the Nigerian oil sector contributes to about 9% of the GDP of the nation.

The need for holistic reforms in the petroleum industry, ease of doing business, encouragement of local content in the industry birthed the Petroleum Industry Bill, introduced by the Goodluck Jonathan administration on 18 July 2008.

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