ocr: Oil has been Nigeria's main resouice since the 1970s. Government policyis to ucrease output from 1.9 million b/d (7.5% of OPEC output) to 2.5 million b/d. Domestic lemand is 300,000 b/d, much ofit smuggled to: neighboring countries. Nigeria's vast gas deposits are still under-exploited. The state retains 60% control ofthe oiland gas industry. Shell is the main toreign shareholder, but most oil - multinationals are represented. Nigeria has sizeable iron ore deposits. These are not yet utilizedin the state-run steel industryjimported ore is usedinstead. Bauxite deposits are also currently under- ...
