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Nigeria Overview

Nigeria

in figures

Oil reserves37 billion barrels

Oil production2.11 million bopd

Gas reserves5.4 tcm

Gas production49.3 bcm

Nigeria: African Powerhouse

Nigeria has the largest economy in Africa, worth USD 402 billion. Although petroleum accounts for a modest 10% of the country’s GDP, it also represents 86% of export income and 50% of government revenue. Oil remains the backbone of the nation’s economy.

The government aims to increase crude reserves to 40 billion barrels, as well as to achieve a daily national production of 3 million bopd. Together with this push to increase oil production, the Ministry of Petroleum Resources, together with NNPC, has deepened its commitment to focus on Nigeria’s vast gas resources.

The year 2020 was crowned Nigeria’s “Year of Gas.” IOCs and local E&P firms have undertaken the exploitation of non-associated gasfields to maximise abundant gas reserves. Nigeria is a gas haven within Africa of immense untapped potential.

The continuation and strengthening of the country’s local content policies, led by the NCDMB, in addition to the strategic downstream development Nigeria is starting to witness, all play a major role in TOGY’s coverage of this exciting market.

Nnamdi-Obiagwu_Eterna
Interview
Nigeria - January 19, 2021

Nnamdi Obiagwu, managing director and CEO of Eterna, talks to The Energy Year about the downstream sector in Nigeria,…

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Shell sells stake, signs gas deal in Nigeria
NEWS
Nigeria - January 18, 2021

Shell Nigeria has completed the sale of its 30% stake in OML 17 to local player TNOG Oil & Gas in a deal worth USD 533…

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Nigeria to boost condensate output under OPEC+ cuts
NEWS
Nigeria - January 15, 2021

The Nigerian National Petroleum Corporation has said it is complying with OPEC+ “compensation cuts” but will boost condensate…

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Interview
Nigeria - January 13, 2021

Ese Avanoma, managing director of BRADE Group, talks to The Energy Year about how Nigeria is benefitting from local content and…

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Osa Owieadolor, managing director and CEO of Platform Petroleum
Interview
Nigeria - January 07, 2021

Osa Owieadolor, managing director and CEO of Platform Petroleum, talks to The Energy Year about the significance and potential…

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President Nigeria Muhammadu BUHARI
Interview
Nigeria - January 01, 2020

Nigerian President Muhammadu Buhari talks to The Energy Year about how his administration is fighting corruption and dealing…

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NLNG Nigeria LNG
Interview
Nigeria - December 22, 2020

In an era when the dual shock has caused major hydrocarbons projects to be shelved, Nigeria is proving resilient. Nigeria LNG (NLNG) recently sealed a…

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Interview
Nigeria - December 17, 2020

Tein George, chairman of Aveon Offshore, talks to The Energy Year about how the Nigerian government can support the oil and gas industry, the company’s recent…

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Interview
Nigeria - December 15, 2020

Muda Yusuf, director-general of the Lagos Chamber of Commerce and Industry (LCCI), talks to The Energy Year about the macroeconomic impacts Nigeria will face in the…

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Nigeria PwC Pedro Omontuemhen
Interview
Nigeria - December 09, 2020

Pedro Omontuemhen, partner at PwC Nigeria, talks to The Energy Year about the impact of low oil prices on the Nigerian industry and promise in the country’s gas…

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