NIGERIA'S OIL SECTOR

The article gives the overview of oil sector in Nigeria. Nigeria is a major petroleum producer and is at the 8th place between the largest oil producers in the world. The economy of Nigeria is strongly dependent on oil revenues (gives 11% of GDP). The Pandemia lead to decrease in oil demand worldwide, OPEC+ alliance decreased oil quotas though Nigeria did not met even them due to militant attack on oil infrastructure. The input of oil to GDP fall from 11% to 5.9, making the country's economy to suffer. Nowadays, with recovering of oil sector Nigeria is looking forward to fulfill it's production capacity to 2.2 million b/d. Still the diversification of economy is needed to avoid pressure from oil market.