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Nigeria energy report

Nigeria energy report
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Format
2 files (PDF report, Excel file)
Pages
42 (Report only)
Delivery
Immediate by e-mail
Table of Contents
  • GENERAL OVERVIEW
  • INSTITUTIONS AND ENERGY POLICY
  • ENERGY SUPPLY
  • ENERGY PRICES
  • ENERGY CONSUMPTION
  • ISSUES AND PROSPECTS
  • DATA TABLES
  • ABBREVIATIONS
  • GLOSSARY

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Overview

This analysis includes a comprehensive Nigeria energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.

Highlights

  • The country aims to produce 3 mb/d by 2025.
  • Nigeria aims to reduce its GHG emissions by 47% in 2030 compared to a BAU scenario and to reach net-zero emissions by 2060.
  • The Petroleum Industry Bill was adopted in 2021.
  • Oil and gas production is concentrated in the hands of five majors (Shell, TotalEnergies, ExxonMobil, Chevron, and Eni).
  • The power generation market is highly fragmented, and Sahara Group accounts for 19% of power generation.
  • Nigeria is the largest African oil producer and the second largest gas producer.
  • Oil production decreased by almost 15% in 2020.
  • Only a third of the installed capacity is available (6 GW).
  • Gasoline and diesel prices are 60 to 70% lower than in neighbouring countries. The country reintroduced subsidies on motor fuels in 2022 after removing them in 2020.
  • In 2020, NERC introduced service reflective electricity tariffs.
  • Electricity consumption per capita is three times lower than the average for Sub-Saharan Africa.
  • Biomass accounts for around 3/4 of total energy consumption.
  • Electricity and gas consumption is increasing rapidly.
  • Around 4 GW of gas-fired plants and 0.7 GW of hydro projects are currently under construction.
  • The construction of a seventh LNG train of 8 Mt/year started in 2021.
  • A 650 kb/d refinery is expected to enter operation in 2022.

9th

largest proven gas reserves in the world

1st

crude oil producer in Africa

~7%

of global LNG exports

  • Institutions & Energy Policy

    The Federal Ministry of Petroleum Resources (FMPR) supervises the oil and gas sectors through its Department of Petroleum Resources (DPR). The FMPR also oversees the Nigerian Nuclear Regulatory Authority (NNRA).

  • Energy Supply

    Resources:

    Nigeria has considerable oil and natural gas resources (5 Gt and around 5 800 bcm proven reserves at end-2021). The reserves are mainly located in the Niger Delta and in the Gulf of Guinea. The country is the largest gas proved reserve holder in Africa and the second oil and NGL proved reserve holder in Africa, after Libya.

  • Energy Prices

    Electricity:

    In 2021, electricity prices in dollars reached US$9.7/kWh for industry (-13%) and US$9.5/kWh for households (-13%), in a context of a depreciating naira (NGN). At purchasing power parity, electricity prices for households in Nigeria are between 35 and 50% lower than in Ghana, Ivory Coast, and Senegal (2020).

  • Energy Consumption

    Consumption per capita was 0.8 toe in 2021 (one third higher than the average for Sub-Saharan African). Electricity consumption per capita is relatively low in comparison to neighbouring countries and reached 140 kWh/hab in 2020 (almost three times lower than the average for Sub-Saharan Africa).

    Since 2018, total consumption has increased by 5%/year to 173 Mtoe.

  • Issues & Prospects

    According to the National Integrated Infrastructure Masterplan (2015), the country needs US$1 000bn to develop its energy sector over the next 30 years, comprising US$600bn for power and US$400bn for oil & gas.

  • GRAPH 1: CO2-energy emissions (MtCO2)
  • GRAPH 2: Installed electric capacity by source (2021, %)
  • GRAPH 3: Gross power production by source (TWh)
  • GRAPH 4: Power generation by source (2021, %)
  • GRAPH 5: Gasoline & diesel prices (US$/l)
  • GRAPH 6: Electricity prices for industry and households (US$c/kWh)
  • GRAPH 7: Consumption trends by energy source (Mtoe)
  • GRAPH 8: Total consumption market share by energy (2021, %)
  • GRAPH 9: Final consumption market share by sector (2021, %)
  • GRAPH 10: Oil consumption (Mt)
  • GRAPH 11: Oil consumption breakdown by sector (2021, %)
  • GRAPH 12: Electricity consumption (TWh)
  • GRAPH 13: Electricity consumption breakdown by sector (2021, %)
  • GRAPH 14: Natural gas consumption (bcm)
  • GRAPH 15: Gas consumption breakdown by sector (2021, %)
  • GRAPH 16: Coal consumption (bcm)
  • GRAPH 17: Coal consumption breakdown by sector (2021, %)
  • Economic Indicators: Annual historical data including population, GDP growth, imports and exports, inflation rate, energy security and efficiency indicators, CO2 emissions.
  • Supply Indicators: Historical data including oil and gas reserves, electric and refining capacity, energy production, power production and external trade. All are detailed by energy source.
  • Demand Indicators: Historical data including consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source and sector, and electricity consumption by sector.
  • Energy Balances: Single table displaying the overall energy industry balance per annum, also graphically displayed by energy sub-segment.
  • Infrastructure Projects: Covers power plant projects by energy, technology, status and operator, gas plant projects by status and operator and LNG contracts.

The Nigeria energy market data since 1990 and up to is included in the Excel file accompanying the Nigeria country report.
It showcases the historical evolution, allowing users to easily work with the data.

Key Data included in the excelsheet:

  • Economic indicators: Annual historical economic indicators, energy security, energy efficiency and CO2 emissions.
  • Supply indicators: Annual historical reserves, capacity, production and external trade (imports(+) exports(-) balance).
  • Demand indicators: Annual historical consumption per capita, consumption trends, total consumption, final consumption (per energy and per sector) and electricity consumption total and per sector.
  • Energy Balance: total and per energy.
  • Nigeria Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the Nigeria energy prices for the follow items: price of premium gasoline (taxes incl.), price of diesel (taxes incl.), price of electricity in industry (taxes incl.), price of electricity for households (taxes incl.), price of natural gas in industry (taxes incl.), prices of natural gas for households (taxes incl.), spot price of Brent and CO2 emissions (from fuel combustion).

The Nigeria country report is complemented with a national power generation dashboard (excel file) from our Power Plant Tracker Service.

Data included in the excelsheet:

  • New capacities: Current power mix, installed capacity at date, capacity under construction and under development.
  • Power Sector Performances: Historical data on installed capacity, power generation, thermal power plants inputs, average thermal power plant efficiency, CO2 emissions of the power sector, carbon factor of the power sector.