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Nigeria

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Oil and gas dominate the exctractive sector in Nigeria, and the country holds 29% of Africa's proven oil reserves. Most of the oil and gas activities are found in the Niger Delta in the southern part of the country. Nigeria is richly endowed with various types of mineral resources. Presently, there are over thirty-four mineral finds in commercial quantity spread across the entire country. Some key mineral resources include gold, coal, bitumen, iron ore, tantalite/columbite, lead/zinc sulphides, barytes, cassiterite, gemstones, talc, feldspar, and marble.

Quick Facts

Oil

Primary Mineral

Undisclosed

Estimated Reserves

Undisclosed

Tax Benefits

35

Active resource businesses

Nigeria is one of Sub Saharan Africa’s largest economies and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Nigeria is Africa’s largest producer of crude oil. In 2015 – total crude oil production was 776,668,000 barrels, a decrease of 2.74% compared to the previous year. In terms of exports, a total of 60,557,000 barrels of crude oil was exported. In the gas sector, a total of 3,250,667.66 million standard cubic feet per day of natural gas production was reported by thirty-four (34) companies. This shows an increase of 25.36% when compared with 2014 production. Export gas sales volume increased by 1.72% (16 thousand metric tons) in 2015 (i.e. 951 thousand metric tons in 2014 and 967 thousand metric tons in 2015). Nigeria is richly endowed with various types of mineral resources. The 2015 NEITI Solid Minerals Audit report notes that the government is committed to diversifying the nation’s economy; from dependence on oil revenue to non-oil revenues. In September 2016, the Federal Government of Nigeria through the Ministry of Mines and Steel Development, re-launched the Solid Minerals Policy Road Map, aimed at ensuring policy continuity and consistency in the sector. During the year, 2015, the total volume/quantity of actual mineral production was 30,520,114.59 tonne and the total volume/quantity used or sold was 39,272,590.75.

 

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