Oil
Nigeria must drill deeper, revive old fields to arrest oil reserve decline
CEII brief
BusinessDay reported on 20 Oct 2026: Nigeria must drill deeper, revive old fields to arrest oil reserve decline.
Read the full story on BusinessDayNigeria needs to drill more wells in both new and mature basins to replace reserves that are being used up
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
85.9% of Nigeria’s merchandise exports were fuels in 2025Countries in this story
Original reporting © BusinessDay. Headline and excerpt quoted with attribution; the full article is available on the publisher’s site. CEII’s context is the Centre’s own and does not represent the publisher.
