Nigeria Oil and Gas Market Outlook
According to the report by Expert Market Research (EMR), in the oil and gas market in Nigeria, the market for gas attained a volume of 1.37 MMT in 2023 and is expected to grow at a CAGR of 5.30% between 2024 and 2032, to reach 1.85 MMT in 2032. Meanwhile, the Nigeria oil market attained a volume of 441 thousand barrels per day and is expected to grow at a CAGR of 3.60% between 2024 and 2032, to reach 542 thousand barrels per day in 2032. This growth is anticipated due to the escalating global demand for oil and gas, coupled with Nigeria’s ongoing investments in infrastructure development and technology advancements in the sector.
Oil and gas involve the extraction and processing of crude oil and natural gas, transforming them into usable petroleum products. This production is a comprehensive process that encompasses exploration, transportation, and conversion into final products that are distributed to various industries. During the forecast period, the expected growth in the development of petroleum refineries in Nigeria is projected to drive substantial demand for oil and gas.
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The Nigeria oil and gas market growth is driven by government’s initiatives and policy reforms. The Nigerian government has introduced several initiatives aimed at revitalizing the oil and gas sector. Key among these is the Petroleum Industry Bill (PIB), which was passed into law, restructuring the regulatory and fiscal landscape of the oil and gas industry to increase transparency and stimulate growth.
One of the other factors that is further influencing the Nigeria oil and gas market size is shift towards gas. Nigeria is increasingly focusing on harnessing its vast gas reserves for power generation and as a revenue source. The “Decade of Gas” initiative launched by the government aims to transform Nigeria into a gas-powered economy by 2030, promoting investments in gas infrastructure, reducing gas flaring, and increasing LNG production.
Foreign investments also play a crucial role in contributing to the Nigeria oil and gas market share. Significant investments from both foreign and domestic stakeholders are driving the expansion of Nigeria’s oil and gas infrastructure. Notable projects include the expansion of the Nigeria Liquefied Natural Gas (NLNG) facility and the construction of the Ajaokuta-Kaduna-Kano (AKK) natural gas pipeline.
As per the Nigeria oil and gas market outlook, adoption of advanced technologies in exploration, production, and management is enhancing operational efficiencies and reducing environmental impact. Technologies such as seismic imaging and enhanced oil recovery (EOR) techniques are pivotal in optimizing resource extraction.
Nigeria’s economic development is intrinsically linked to its energy needs. As the economy grows, sectors such as manufacturing, transportation, and residential housing will require more energy, predominantly sourced from oil and gas. This increased demand naturally drives greater exploration, production, and processing activities within the oil and gas sector.
Looking ahead, the Nigeria oil and gas market expansion is anticipated. The ongoing reforms, coupled with a global shift towards cleaner energy sources, present both challenges and opportunities. Strategic investments in gas and renewable energy ventures, coupled with a steadfast commitment to technological and regulatory advancements, could redefine Nigeria’s energy landscape.
According to the Nigeria oil and gas market analysis, market holds a critical position in the global energy sector. With substantial reserves, strategic initiatives, and an evolving regulatory framework, the market is set to grow significantly by 2028. Stakeholders in the energy sector, including investors, policymakers, and industry players, must navigate the complex interplay of market drivers and challenges to harness the full potential of Nigeria’s oil and gas resources.
Nigeria Oil and Gas Market Segmentation
The market can be divided based on extraction and type.
Nigeria Upstream Oil Market Breakup by Extraction
- On-Shore
- Off-Shore
Nigeria Downstream Oil and Gas Market Breakup by Type
- Downstream Oil
Breakup by End Use
- Transportation
- Agriculture, Public and Commercial Services
- Industrial Energy Use
- Household Energy Use
- Downstream Gas
Breakup by End Use
- Transportation
- Agriculture, Public and Commercial Services
- Industrial Energy Use
- Household Energy Use
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Nigeria oil and gas market. Some of the major players explored in the report by Expert Market Research are as follows:
- Nigerian National Petroleum Corporation
- Exxon Mobil Corporation
- Total Energies SE
- Shell Plc
- Chevron Corporation
- Lekoil Nigeria Limited
- Sterling Oil Exploration & Energy Production Co. Ltd.
- Pinnacle Oil and Gas Company Limited
- CNOOC International Ltd.
- Eni S.p.A.
- Others
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