That sum is broken down to N640.0 billion in 2018 and N302 billion (in the first 7-months) of 2019. The oil-producing states in Nigeria are Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Abia and Lagos. Lagos, Nigeria¡¯s commercial heartbeat, took its place on the table in 2016 when it was officially declared an oil-producing state in Nigeria.
Why does Nigeria rely on crude oil?
For decades, Africa’s most populous nation and one of the continent’s largest crude producers has depended on fuel imports to meet local demand because of under-performing state-run refineries. Nigeria swaps crude worth billions of dollars for gasoline that it then subsidises for its domestic market.
What is Africa’s largest oil refinery?
Nigeria’s President Muhammadu Buhari on Monday commissioned an oil plant billed as Africa’s largest oil refinery, after years of delays and a week before stepping down from office.
How many jobs will be created through Nigeria’s oil refinery project?
More than 100,000 direct and indirect jobs are expected to be created through the project, the Lagos State government has said. After several years of delays, Africa’s largest oil refinery was commissioned Monday by the outgoing Nigeria’s President Muhammadu Buhari.