Nigeria at 63: From Independence from Britain to Dependence on Oil and Gas
A permanent decline in US shale production will benefit Nigeria the most (with a Table and 9 charts)
Main Takeaways:
Nigerian oil and gas production will remain volatile.
If Nigeria can increase its production meaningfully, it will NOT cut production along with Saudi Arabia and its allies.
Nigeria is heavily dependent on oil and gas exports and will remain so for the foreseeable future.
Nigeria was among the biggest losers from the US shale revolution.
US oil exports compete with Nigerian oil exports in the international oil market.
Nigeria lost its share of the Indian oil market to Russia
Today, October 1, Nigerians celebrate their independence from Britain and the formation of the Federal Republic of Nigeria in 1960. On this occasion, we post 9 charts that cover parts of the oil and gas sector in Nigeria.
Nigeria is an oil and gas producer and an LNG exporter. It is the largest oil producer in Africa and the most populous among OPEC members.
Nigeria is heavily dependent on oil and gas, but producing the correct data requires extensive research. Here are some of the serious data issues regarding the contribution of oil and gas to the GDP and the economy:
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