Petroleum industry in Nigeria

Nigeria is one of the countries that manufactures oil and gas in Africa, the nation takes the second position based on the volume of production. There are two types of crude oil which is extracted from the Niger delta basin: the light, and heavy crude oil. The light crude oil equals 36 in weight while the heavier is about 20–25 in weight. Both the light and heavy crude oil have paraffin but they are low in sulfur. The wealth and financial plan of Nigeria have been improved upon through the income and revenues gotten from the petroleum industry since 1960. In February 2021, the statistics has shown that the Nigerian oil sector contributes to about 9% of the entire GDP of the nation. Nigeria is an African nation that mainly produces and exports oil and gas as well as other petroleum products to the United States of America. In 2010, Nigeria exported more than one million barrels per day to the United States, amounting to 9% of the total crude oil and petroleum products imported by the U.S. and more than 40% of exports by Nigeria.

The need for the improvement of the petroleum industry towards the provision of easy business environment, and encouragement of local contents results to the passing of the Petroleum Industry Bill into law by the Goodluck Jonathan administration on July 18, 2008.