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How did Nigeria become one of the largest Oil Suppliers?
Nigeria is one of the most important economy and most highly developed economy of all African countries. Service sector is one of the important reasons for its development. By 2020 Nigerian economy will become one of the strongest economies in the world. Apart from Service, IT and Manufacturing sector too has received great importance in this region. Many IT Tenders, ICT tenders and Petroleum Tenders are floated by government to improve its overall economy.
The petroleum industry in Nigeria is the largest on the African continent. As of 2014, Nigeria's petroleum industry contributes about 14% to its economy.
Contribution of Natural Gas to Nigeria’s Economy:
The biggest natural gas initiative is the Nigerian Liquefied Natural Gas Company, which is operated jointly by several companies and the state. The gas reserves are three times as substantial as the crude oil reserves.
Nigeria is Africa’s largest oil producer and has been a member of the Organization of Petroleum Exporting Countries since 1971. The Nigerian economy is heavily dependent on the Oil Sector, which accounts for over 95 percent of export earnings and about 40 percent of government revenues, according to the International Monetary Fund. According to the International Energy Agency, Nigeria produced about 2.53 million barrels per day, well below its oil production capacity of over 3 million barrels per day. Due to the production of Oil in large amounts, the business opportunities in Nigeria increases as well. The government of Nigeria has been taking various efforts along with the Funding Agencies to sustain its image.
Nigeria is also an important oil supplier to the United States. For the last nine years, the United States has imported between 9-11 percent of its crude oil from Nigeria. According to the International Energy Agency, in 2011, approximately 33 percent of Nigeria's crude exports were sent to the United States, making Nigeria its fourth largest foreign oil supplier.
Online Tenders are one such way to increase your Business reach in Africa of Petroleum Products.