Nigeria’s Oil Sector Remains Economic Mainstay Amid Refining Shortfalls, Theft, and Environmental ChallengesÂ
Lagos, Nigeria — August 11, 2025 Nigeria’s oil and gas industry continues to serve as the backbone of the nation’s economy, providing the bulk of government revenue and foreign exchange earnings, even as long-standing structural challenges persist. Official trade and industry data indicate that crude oil exports account for the majority of Nigeria’s export receipts