Back toour markets

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.

Nigeria pays off $3 bln to oil majors
NEWS
Nigeria - October 21, 2020

The Nigerian National Petroleum Corporation (NNPC) has paid off around USD 3 billion owed to IOCs for joint-venture operating…

READ MORE
Nigeria’s NNPC turns tide on losses
NEWS
Nigeria - October 19, 2020

The Nigerian National Petroleum Corporation (NNPC) has reported dramatically lower losses for 2019 of only NGN 1.7 billion (USD…

READ MORE
KPMG Nigeria Salami
Interview
Nigeria - September 29, 2020

Ayo Luqman Salami, partner at KPMG Nigeria, talks to The Energy Year about the impact of the current crisis on Nigeria’s…

READ MORE
Nigeria’s NNPC to be privatised: report
NEWS
Nigeria - September 28, 2020

The Nigerian National Petroleum Company (NNPC) would be privatised under the country’s draft oil reform bill, according to a…

READ MORE
Abiodun Ashodi
Interview
Nigeria - August 28, 2020

Abiodun Oshodi, managing director of ILF Consulting Engineers, talks to The Energy Year about what the company did to prepare…

READ MORE
Chidi Egonu Energia Limited
Interview
Nigeria - August 27, 2020

Chidi Egonu, CFO of Energia Limited, talks to The Energy Year about the new normal for business operations during the Covid-19…

READ MORE
Dapo ADENIYI WELLTEC NIGERIA
Interview
Nigeria - August 21, 2020

Dapo Adeniyi, general manager of Welltec Nigeria, talks to The Energy Year about the best approach to achieving cost reductions in upstream operations and the promise…

READ MORE
Ibilola Amao Lonadek
Interview
Nigeria - August 17, 2020

Ibilola Amao, principal consultant for Lonadek Global Services, talks to The Energy Year about shifting trends in Nigeria’s hydrocarbons industry, how the financial…

READ MORE
Yemi GBADAMOSI
Interview
Nigeria - July 31, 2020

Yemi Gbadamosi, CEO of TAG Energy, talks to The Energy Year about expected trends in activity, the need for continued production and how Covid-19 has supported local…

READ MORE
Femi Abegunde Deloitte
Interview
Nigeria - July 30, 2020

Femi Abegunde, deputy chairman of Deloitte in Africa and head of energy and resources for Deloitte in West Africa, talks to The Energy Year about how the public and…

READ MORE

 

WHOSE PLATFORM IS THIS?
ASK US

  • Do you have a question for TOGY about oil and gas?
  • If we know, we’ll tell you.
  • If not, we’ll ask the experts in the field.