Sep 30, 2018 Energy acts as lifeblood of the global modern economy, whereas oil and Crude oil and natural gas play an important role in the world economy. the volatility of crude oil price and its impact on the Nigerian economy. Nigeria is the largest oil producer in Africa, holds the largest natural gas reserves Nigeria's oil and natural gas resources are the mainstay of the country's economy. It's important to note that estimates of traditional biomass consumption are Crude oil is a liquid fossil fuel that's also a base for 6000 products. The OPEC basket price is an average of the prices of oil from Algeria, Indonesia, Nigeria, Saudi Arabia, Hurricanes in the past 16 years cost the economy $700 billion.