Nigeria is richly blessed with reasonably high qualities of various
energy resources [3], such as crude oil, tar sands, natural gas and coal.
About 90% of the country's economy is dependent on crude oil [4]. In
2006, Nigeria was ranked the 10th largest crude oil producer in the
world with a reserve estimated to be about 36 million barrels, which is
about 4.9 billion ton of oil equivalent (toe) [4]. The country is endowed
with more of natural gas than oil, with an estimation of 5210 bil-
lion m3 (187 trillion SCF) as of 2006. This includes associated and non-
associated reserves; placing Nigeria among the top 10 countries with
the largest gas reserves globally [1]. Nigeria also possesses other
energy sources including 4.1 billion toe of tar sands and 1.52 billion toe
of coal and lignite. However, it has been estimated that Nigeria's fossil
fuels will be depleted to an uneconomical point by the year 2050 [3];
going by the present extraction trend. Moreover, Nigeria, surprisingly,
imports over than 70% of its petroleum product requirements [3].