SLIDESHOW: Shadows and Light

NIGERIA: UPDATE

Nigeria's National Assembly is currently reviewing a sweeping Petroleum Industry Bill, which would dramatically restructure the management of the country's oil industry in an effort to improve management, reduce corruption, and promote long-term development. Revenue Watch Legal Analyst Patrick Heller analyzes the various drafts of the Bill and poses a serious of key upsteam questions that the National Assembly should consider before passing the measure into law. Read more ...

TRANSPARENCY SNAPSHOT

Nigeria is the largest oil producer in Africa and the eleventh largest producer of crude oil in the world. In 2006, total Nigerian oil production averaged 2.45 million barrels per day. Nigeria had 36.2 billion barrels in proven oil reserves as of January 2007.

Nigeria's leaders have accomplished several important economic reforms since 2000, when new anti-corruption measures were put in place. One of the greatest achievements of former president Olusegon Obasanjo was the opening of oil and gas revenues to greater scrutiny through implementation of the EITI. Since 2003, unprecedented amounts of revenue information have been brought into the public domain.
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EXTRACTIVE INDUSTRIES

Nigeria's rich natural resource wealth includes both petroleum and natural gas. The country produces 25% of all African crude oil and 3% of the world total. It is a member of the Organization of Petroleum Exporting Countries (OPEC).

Since December 2005, Nigeria has experienced increased pipeline vandalism, kidnappings, and attacks on oil facilities in the Niger Delta by the Movement for the Emancipation of the Niger Delta (MEND) and other militant groups. As of April 2007, an estimated 587,000 bbl/day of crude production was shut in due to the resulting insecurity. The majority of shut in production is located onshore in the Niger Delta, although militants demonstrated their capacity to affect offshore production with their attack of Shell's Bonga platform in June 2008.
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