Where was oil first discovered in commercial quantities in Nigeria?

Assessment: WAEC SSCE - Economics - 1995 (Objective) Subject: Economics

Question 1 Report

Where was oil first discovered in commercial quantities in Nigeria?
Answer Details
Oil was first discovered in commercial quantities in Nigeria in Oloibiri, a small community located in present-day Bayelsa State. The discovery was made on Sunday, January 15, 1956, by a team of Shell British Petroleum (now Shell Petroleum Development Company) led by a geologist, Mr. L.A.K. Jones. The discovery of oil in Oloibiri marked the beginning of Nigeria's oil industry, which has become the country's main source of revenue and foreign exchange.
Read lesson note on Petroleum And The Nigerian Economy (JAMB)
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