Nigeria Oil and Gas Market to Reach Around 1.85 MMT by 2032, Driven by Growing Energy Need from Different Industry Verticals

In the beginning of 2023, Nigeria held an estimated 37.1 billion barrels of crude oil reserves and 206.5 trillion cubic feet (Tcf) of natural gas reserves. In Nigeria, gas is the primary energy source, producing 80% of the total electricity generated, with the majority of the remaining power coming from oil.

In Africa, Nigeria is the country that uses oil-fired backup generators the most. The prominent oil refineries in Nigeria include Kaduna Refinery, Port Harcourt Refinery I and Refinery II, Warri Refinery, and Dangote Refinery. These refineries produce a range of products, from transportation and industrial fuels to chemical feedstock. They also produce speciality products, like bitumen, lubricants, and petroleum coke.

Nigeria is a leading industrial producer and a large chemical exporter. By 2040, the country plans to build new gas-based methanol and ammonia plants, tripling the production of chemicals, which is expected to favour the Nigeria oil and gas market expansion in the coming years.

In April 2024, RusselSmith, an industrial AM solutions provider in West Africa, collaborated with 3YOURMIND to offer needed and available parts by manufacturing such parts locally and smoothing out operations in the oil and gas sector of Nigeria. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has granted the organisation authorisation to use industrial non-metallic additive manufacturing solutions in the country’s oil and gas sector.

RusselSmith will be able to determine viable additive manufacturing applications for the oil and gas sector by using 3YOURMIND’s part identification software. Following the determination of which parts are technically and financially feasible, RusselSmith will apply its experience with design for additive manufacturing (DfAM) to optimise and manufacture the parts using additive technology.

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Market Analysis by Sector:

• The market, on the basis of sector, can be divided into upstream, midstream, and downstream.

Key Findings of the Report:

• In 2021, Nigeria generated about 31.5 gigawatt hours (GWh) of electricity, among which 74% of that total was derived from fossil fuel sources, including oil and gas.

• Nigeria is the second-largest vehicle producer in sub-Saharan Africa. By 2040, the vehicle stock is anticipated to reach 37 million from 14 million. This can double the demand for oil consumption.

• Downstream companies are incorporating technologies, such as data analytics, artificial intelligence (AI), cloud computing, and blockchain.  These technologies are enhancing process optimisation, automation, asset monitoring, and data management of the oil and gas downstream sector.

• In 2022, the mining sector of Nigeria witnessed a growth of 27.11%. Natural gas is used to generate electricity and acts as a reliable energy source. The growth of the mining sector is expected to aid the Nigeria oil and gas market growth.

Figure: Nigeria electricity generation by technology with Coal, 2020-2040(E)

Key Offerings of the Report:

• The EMR report gives an overview of the Nigeria oil and gas market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the sector in oil and gas in Nigeria.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Nigeria oil and gas market are Exxon Mobil Corporation, Total Energies SE, Nigerian National Petroleum Corporation, Shell PLC, and Chevron Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.