The Nigerian economy is highly dependent on its oil sector, which accounted for around 95% of the government revenues in 2009. The oil Industry is the mainstay of the Nigerian economy, accounting for over 90% of total foreign exchange revenues. Nigerian oil reserves stood at about 37.5 billion barrels in 2009. Nigeria has the seventh largest natural gas reserves in the world and largest in Africa. Nigeria had an estimated 185.3 trillion cubic feet of proven natural gas reserves in 2009.

Oil was the largest source of primary energy supply in Nigeria at 48.5%, followed by natural gas at 40.8%, renewables and waste at 5.8% and hydroelectricity at 5%.


(from GlobalData)