Brief History of Nigeria's Oil and Gas Industry

Pre-Independence

Oil exploration began early 1900s. Shell D'Arcy (now SPDC) licensed 1908. First commercial discovery at Oloibiri (Bayelsa) in 1956.

Post-Independence (1960 onward)

• 1961: First refinery (Port Harcourt).
• 1971: Nigerian National Oil Corp (NNPC) created.
• Nigeria became major exporter; economy boomed.

Challenges

• Political instability, corruption, environmental damage.
• 1990s oil price crash.
• 2003 Niger Delta militancy.

Recent Trends

New investments, rising production, but persistent threats: terrorism, pipeline sabotage, spills.

Conclusion

Oil/gas has driven Nigeria's economy for 60+ years—major revenue source despite ongoing challenges. Likely to remain central.