Oil Accounts For 10% GDP, 86% Export Earnings — Sylva

Minister of State Petroleum Resources, Timipre Sylva
Minister of State Petroleum Resources, Timipre Sylva

Sylva added that crude oil exports represented about 86 percent of total export earnings, while the actual government revenue from the sector is 40%.

The minister stated this while delivering the Graduation Lecture of the National Defence College Course 29 on Monday in Abuja.

He said Nigeria, with more than 200 million inhabitants, remained the most populous country within the Organisation of Petroleum Exporting Countries (OPEC).

According to him, the country has proven crude oil reserves of 37 billion barrels; production capacity of 2.5m barrels per day; and actual crude oil production of about 1. 5m barrels daily.

“It is the largest crude oil producer in Africa and holds the largest natural gas reserves on the continent.

“The country has proven natural gas reserves of 206.53 trillion cubic feet; and average production of about 7, 575 million standard cubic feet per day (MMSCFD).

Sylva said oil and gas occupied a central place in Nigeria’s development equation, being a big producer and marketer of the products. (NAN)

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