Nigeria first discovered its oil potential in the mid-1950s, and following a production boom it became a member of OPEC in the early-1970s. Among the most important oil-producing nations on Earth, Nigeria holds a special place. With nearly 180 million people, it is one of the most populous oil-producing countries. The petroleum sector in Nigeria is key in employing a large number of those people because it makes up roughly 35 percent of its gross domestic product and the vast majority of its export revenue.
According to data from the Organization of the Petroleum Exporting Countries (OPEC) the West African nation’s crude oil reserves constitute about 37 billion barrels of oil. It’s natural gas reserves are about 5 trillion cubic meters.