The Federal Republic of Nigeria has always maintained peaceful relationships with its neighbors and did play an important role in bringing political and regional stability to Liberia.

 

Commercial energy consumption is growing throughout Africa. Energy demand growth in Africa averaged 2.7% annually from 1980 through 1997, and a slightly faster 3.1% annual average from 1990 through 1997.

 

· Nigerian oil fields’ “Collective Reserves” that have not yet been fully developed: 2,000,000,000 barrels

· Natural Gas of High Quality (positioned 2nd. in the world reserves).

· Nigeria’s daily crude oil export (OPEC Quota):   1,800,000 barrels per day

· Total daily production capacity:   2,400,000 – 2,500,000 barrels daily

 

The calculation and test reservoirs given reveal a reserve of over 24 billion barrels with anticipated increase of about 60% by 2011 to 4,000,000 barrels daily.

 

The new refinery represents a unique opportunity for Nigeria to take a strategic position in supplying demand in the surrounding area, as well as in the U.S. and Europe with positive impact on its economy, balance of trade and currency

 

Nigeria has a labor force of 55.67 million (2004 est.) with:

 

Oil - production:  2.356 million bbl/day (2004 est.)

Oil - consumption:                        275,000 bbl/day (2001 est.)

Oil - proved reserves:                   34 billion bbl (2004 est.)

Natural gas - exports:                  7.83 billion cu m (2001 est.)

Natural gas - imports:                  0 cu m (2001 est.)

Natural gas - proved reserves:    4.007 trillion cu m (2004)

GDP (purchasing power parity):     $125.7 billion (2004 est.)

GDP - real growth rate:                     6.2% (2004 est.)

GDP - per capita:                    purchasing power parity - $1,000 (2004 est.) composition by sector:

GDP - agriculture:                            36.3%
  industry:                                          30.5%
  services:                                          33.3% (2004 est.)

 

Nigeria should benefit strongly from the development of a new refinery in several respects:

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- Direct and indirect effect on local employment

- Training of a group of new managers

- Substantial technology transfer

- Reduction in cost of oil products

- Improvement in structure of trade balance (purchase of crude oil, export opportunities)

 

As a result, the project has strong support from the Federal, State, and Local Governments, Regional Chiefs, who have granted the refinery a landed property of 50 km-sq. and closer to major oil pipelines and companies.

 

(This data is updated periodically and may not be the most current data; therefore, please seek the most current data elsewhere)