Summary Table(Data shown is for 2016, the latest year with complete data in all categoreies)
Oil Reserves in Nigeria
See also: List of countries by Oil Reserves
Nigeria holds 37,070,000,000 barrels of proven oil reserves as of 2016, ranking 10th in the world and accounting for about
2.2% of the world's total oil reserves of 1,650,585,140,000 barrels.
Nigeria has proven reserves equivalent to 237.3 times its annual consumption. This means that, without Net Exports, there would be about 237 years of oil left (at current consumption levels and excluding unproven reserves).
Global Rank: 10th
| Share of World: 2.25 %
237 years of oil left
(at current consumption levels)
History of Oil Reserves in Nigeria
Oil Consumption in Nigeria
See also: List of countries by Oil Consumption
- Nigeria consumes 428,000 barrels per day (B/d) of oil as of the year 2016.
- Nigeria ranks 37th in the world for oil consumption, accounting for about 0.4% of the world's total consumption of 97,103,871 barrels per day.
- Nigeria consumes 0.10 gallons of oil per capita every day (based on the 2016 population of 185,960,241 people), or 35 gallons per capita per year (1 barrels). [1 barrel = 42 US Gallons]
Oil Production in Nigeria
See also: List of countries by Oil Production
- Nigeria produces
1,938,542.73 barrels per day of oil (as of 2016) ranking 15th in the world.
- Nigeria produces every year an amount equivalent to 1.9% of its total proven reserves (as of 2016).
- Nigeria exports 85% of its oil production (1,654,739 barrels per day in 2016).
History of Oil Consumption and Production