A Nigerian entrepreneur, Julius Ogor established Forcados Dredging Nigeria Limited, a multi-billion dollar company based in Lagos. As chief executive officer of the oil and gas firm, Julius Ogor manages a staff of 250 professionals dedicated to fossil fuel procurement operations.
In the mid-1950s, experts first discovered oil in Nigeria. The find was in a place called Oloibiri, in the country’s Bayelsa State. Since then, Nigeria has grown into the largest African economy thanks in part to its prolific oil production. Nigeria exports nearly 2 million barrels of crude oil per day. Complementing its oil trade, Nigeria also exported over 28 billion cubic meters of natural gas in 2018.
According to the Organization of the Petroleum Exporting Countries (OPEC), Nigeria harbors impressive, proven reserves of oil and natural gas. In terms of oil, the country’s proven reserves reach almost 37 billion barrels; and in terms of gas, the country’s proven reserves exceed 5.5 trillion cubic meters.
Official Nigerian statistics demonstrate the importance of the oil industry to the nation’s economy. The oil and gas sector makes up roughly 10 percent of the nation’s gross domestic product.