Oil reserves in Nigeria

Although Libya has more reserves, there were 37.2 billion barrels (5.91×10^⁹ m³) of proven oil reserves in Nigeria as of 2011, ranking the country as the largest oil producer in Africa and the 11th largest in the world, averaging 2.28 million barrels per day (362×10^³ m³/d) in 2006. At current rates this would be 45 years of supply if no new oil was found. Pipeline vandalism, kidnappings, and militant takeover of oil facilities have reduced production, which could be increased to 3 million barrels per day (480×10^³ m³/d) in the absence of such problems. The Nigerian government hopes to increase oil production capacity to 4 Mbbl/d (640×10^³ m³/d) by 2010. Nigeria is the world’s eighth largest exporter of crude oil and no longer sends 43% of its exports to the United States due to the recent shale boom of the US. The Oil industry accounts for about 14% of Nigeria's economy. Therefore, though the petroleum sector is important, it remains in fact a small part of the country's overall vibrant and diversified economy. However, Nigeria's foreign exchange is heavily dependent on the oil sector, which accounts for majority of its export revenues.