The Nigerian economy is heavily dependent on the oil sector, which, accounts for over 95 percent of export earnings and about 40 percent of government revenues, according to the International Monetary Fund. Current manufacturing Nigeria is Africa’s largest oil producer and has been a member of the Organization of Petroleum Exporting Countries since 1971. However, petroleum products are unavailable to most Nigerians and are quite costly, because almost all of the oil extracted by the multinational oil companies is refined overseas, while only a limited quantity is supplied to Nigerians themselves. It is estimated that demand and consumption of petroleum in Nigeria grows at a rate of 12.8% annually. The Port Harcourt and Refineries both operate at only 30% capacity. There are four major oil refineries: the Warri Refinery and Petrochemical Plant which can process 125,000 barrels (19,900 m 3) of crude per day, the New Port Harcourt Refinery which can produce 150,000 barrels (24,000 m 3) per day (there is also an 'Old' Port Harcourt Refinery with negligible production), as well as the now defunct Kaduna Refinery.
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