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Black gold nets Nigeria $400 million over 50 years
Nigeria's black gold has earned the country $400bn in revenue over the past 50 years, according to Austin Avuru, president of the Nigerian Association of Petroleum Explorationists (NAPE).
He said that the revenue came from sales of 27 billion barrels of oil over the period. Nigeria is Africa's largest oil producer and the sixth largest oil exporter in the World. 95 percent of the West African country's foreign currency receipts came from oil.
The country has had an oil production target of four million barrels since 1999, however, violence and kidnappings in the Niger Delta has made it difficult to achieve this target. Nigeria also has a target reserve level of 40 billion barrels by 2010.
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