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Nigerian Potential
a. General:
i. Nigeria is the most populous nation in Africa (~ 148 million)
(2008, State Department of US), and the 2 nd largest economy in
Sub-Saharan Africa with a GDP of $167.3 billion in 2009 ($357.2
billion PPP) (Corporate Nigeria 2009)
ii. Nigeria has vast reserves of natural resources:
1. Nigeria is a member of OPEC and its current oil production
averages between 1.6 million bbl and 2.1 million bbl per
day.
2. Nigerias proven oil reserves are estimated to be at 36.2
billlion barrels (Oil and Gas Journal/CIA Factbook)
3. Nigerias natural gas reserves are estimated to be at
5.229 trillion m3 (Corporate Nigeria 2009, BP Statistical
Energy Survey). In 2007, Nigeria produced 59.709 million
m3, but only 45.895 million m3 was utilized, while the rest
was flared (Nigerian National Petroleum Corporation). The
government plans to eliminate gas flaring by 2011, and is
currently a LPG exporter.
4.