Nigeria Oil and Gas Market Size, Share, Trends & Growth Report and Forecast 2024-2032

According to the report by Expert Market Research (EMR), the gas market in Nigeria achieved a volume of 1.37 MMT in 2023 and is projected to grow at a CAGR of 5.30% between 2024 and 2032, reaching 1.85 MMT by 2032. Meanwhile, the Nigerian oil market recorded a volume of 441 thousand barrels per day in 2023 and is expected to grow at a CAGR of 3.60% during the same period, reaching 542 thousand barrels per day by 2032. This growth is largely driven by the rising global demand for oil and gas, alongside Nigeria’s continued investments in infrastructure development and technological advancements within the sector.

The oil and gas industry encompasses the extraction and processing of crude oil and natural gas, converting them into usable petroleum products. This production process includes exploration, transportation, and the transformation of raw materials into final products distributed across various industries. Over the forecast period, the anticipated expansion of petroleum refineries in Nigeria is expected to significantly boost demand for oil and gas.

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The growth of the Nigerian oil and gas market is also propelled by government initiatives and policy reforms. The Nigerian government has implemented several initiatives aimed at revitalizing the oil and gas sector. A key initiative is the Petroleum Industry Bill (PIB), now enacted into law, which restructures the regulatory and fiscal landscape of the oil and gas industry to enhance transparency and drive growth.

Another factor influencing the Nigeria oil and gas market is the increasing focus on gas. Nigeria is prioritizing the utilization of its substantial gas reserves for power generation and as a revenue source. The government’s “Decade of Gas” initiative aims to transform Nigeria into a gas-powered economy by 2030, fostering investments in gas infrastructure, reducing gas flaring, and boosting LNG production.

Foreign investments are also instrumental in expanding the Nigeria oil and gas market share. Significant investments from both foreign and domestic stakeholders are driving the development of Nigeria’s oil and gas infrastructure. Noteworthy 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 highlighted in the Nigeria oil and gas market outlook, the adoption of advanced technologies in exploration, production, and management is improving operational efficiencies and minimizing environmental impact. Technologies such as seismic imaging and enhanced oil recovery (EOR) techniques are crucial for optimizing resource extraction.

Nigeria’s economic development is closely tied to its energy needs. As the economy grows, sectors like manufacturing, transportation, and residential housing will require more energy, primarily sourced from oil and gas. This growing demand naturally leads to increased exploration, production, and processing activities in the oil and gas sector.

Looking ahead, the expansion of the Nigerian oil and gas market is anticipated. Ongoing reforms, coupled with a global shift towards cleaner energy sources, present both challenges and opportunities. Strategic investments in gas and renewable energy ventures, along with a strong commitment to technological and regulatory advancements, could reshape Nigeria’s energy landscape.

According to the Nigeria oil and gas market analysis, the market holds a pivotal position in the global energy sector. With vast reserves, strategic initiatives, and a developing regulatory framework, the market is poised for significant growth by 2028. Stakeholders in the energy sector, including investors, policymakers, and industry players, must navigate the complex interplay of market drivers and challenges to fully capitalize on Nigeria’s oil and gas resources.

Nigeria Oil and Gas Market Segmentation

The market can be segmented 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 examines 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 key players explored in the report by Expert Market Research are:

• Nigerian National Petroleum Corporation
• Exxon Mobil Corporation
• TotalEnergies 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