Developing Countries Production

Oil in Nigeria

Nigeria is located in West Africa and its borders are shared in the west by Republic of Benin, in the east Chad and Cameroon and in the North Chad. There are over 500 ethnic groups in the country but the three largest are Yoruba, Igbo and Hausa. In Africa Nigeria has the highest population and in the world it is ranked seventh most populous country. Nigeria falls under the Next Eleven economies. The country is a member of African Union and Commonwealth of Nations. The economy in Nigeria is classified under mixed economy and it has already reached a middle income status from World Bank statistics. The country has abundant natural resources among this is oil.

The greatest revenues in the country are brought by oil reserves. Petroleum is a great player in the economy of Nigeria and it accounts for up to 40%...
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