Module 1•45 min•4 units
History of Nigeria's Oil Industry
Nigeria's oil story spans over seven decades - from the first commercial discovery at Oloibiri in 1956 to its position as Africa's largest oil producer. This module traces the milestones, the booms and busts, and the political and economic forces that shaped the industry.
1956
First Commercial Oil
~2.5M bpd
Peak Production
1971
OPEC Member Since
~37B bbl
Proven Reserves
Learning objectives
After completing this module, you'll be able to:
- Describe the early history of oil exploration in Nigeria
- Explain the significance of the Oloibiri discovery in 1956
- Understand the impact of the 1970s oil boom on Nigeria's economy
- Trace the industry's evolution from nationalisation to modern reforms
- Identify key milestones in Nigeria's oil and gas timeline
In this module
Sources & Further Reading
- •NNPC, "History of the Nigerian Petroleum Industry". nnpcgroup.com
- •Falola, T. & Genova, A., The Politics of the Global Oil Industry, Praeger, 2005.
- •Khan, S.A., Nigeria: The Political Economy of Oil, Oxford University Press, 1994.
- •OPEC, "Nigeria Country Profile". opec.org