Nigeria's Oil Industry

Nigeria’s oil industry is a vital part of its economy, primarily producing crude oil that is exported globally. It is managed by government agencies like NNPC and involves multinational corporations. The industry has faced challenges such as oil theft, pipeline vandalism, and environmental issues, which affect production and local communities. Revenue from oil sales funds government projects but also leads to economic dependence on oil exports. Efforts are underway to diversify the economy and improve transparency, sustainability, and local benefits in Nigeria’s oil sector.