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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.

Amy JADESIMI CEO LADOL
Interview
Nigeria - September 24, 2021

Amy Jadesimi, CEO of LADOL, talks to The Energy Year about how the company is supporting the drive for sustainability and moves…

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Nigeria Ikeja CEO Folake SOETAN
Interview
Nigeria - September 21, 2021

Folake Soetan, CEO of Ikeja Electric (IE), talks to The Energy Year about how the company is enhancing its distribution…

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Nigeria books

More books
ENI NIGERIA Daniele Ghana
Interview
Nigeria - September 16, 2021

Roberto Daniele, managing director of Eni Nigeria, talks to The Energy Year about the company’s role in the energy transition…

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Iroghama OGBEIFUN Starzs Nigeria
Interview
Nigeria - September 14, 2021

Iroghama Ogbeifun, managing director and CEO of Starzs Investments Company, talks to The Energy Year about challenges facing…

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Electricity
Articles
Nigeria - September 14, 2021

Nigeria is endowed with a wealth of oil, gas, hydro and solar resources, exhibiting the largest economy in sub-Saharan Africa.…

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Interview
Nigeria - September 13, 2021

Chibuike Achigbu, managing director of Chimons Gas, talks to The Energy Year about the evolution of the LPG market in Nigeria…

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Ahmad SALIHIJO AHMAD Managing Director and CEO RURAL ELECTRIFICATION AGENCY
Interview
Nigeria - September 06, 2021

Engr. Ahmad Salihijo Ahmad, managing director and CEO of Nigeria’s Rural Electrification Agency (REA), talks to The Energy Year about the agency’s efforts to…

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Interview
Nigeria - September 01, 2021

Olatunji Akinwunmi, chairman of SPE Nigeria Council, talks to The Energy Year about the importance of collaboration in Nigeria’s hydrocarbons industry and the nature…

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Interview
Nigeria - August 25, 2021

Eke U. Eke, CEO of SpringRock Group, talks to The Energy Year about the group’s approach to cost reduction and optimising production and its plan to become a…

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