Nigerian Oil

Nigeria, the largest economy in Africa. It is country of great diversity and culture. Its oil reserves are huge.

From the BP Statistical Review of World Energy:-

[http://www.bp.com/en/global/corporate/about-bp/energy-economics/statistical-review-of-world-energy.html]

One can see Nigeria’s oil wealth. It has 37.1 thousand million barrels of oil in its proven reserves.

What is that worth ?

One Barrel of oil is today worth $63.05 = £40.11

So 37,100,000,000 barrels x £40.11 = £1,488,081,000,000

That is a large number, = £1,488 Biion = £1.48 trillion, that is equivalent to the whole of UK’s annual GDP.

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