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Nigeria energy report

Nigeria energy report
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Format
3 files (PDF report, 2 Excel files)
Pages
45 (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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890 €

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

  • Nigeria aims to reduce its GHG emissions by 30 to 47% in 2030 (compared to a BaU).
  • The country is targeting 30% of renewables in its power mix and universal power access by 2030.
  • TotalEnergies, Shell, ExxonMobil, and Chevron account for around 70% of the oil output.
  • Shell, TotalEnergies, Chevron, and Eni contribute to more than 60% of gas production.
  • Shell, ExxonMobil, and Eni are divesting from their onshore businesses to the benefit of local players.
  • Four companies, including 3 private ones, account for more than 50% of power generation.
  • Oil production rebounded by 6% in 2023, while gas output declined by a fifth since 2020.
  • A large refinery (650 kb/d) entered production in early 2024.
  • Only one third of the power capacity is effectively available.
  • The price of diesel more than doubled in 2022, while the price of gasoline was multiplied by 1.7 in June 2023, following the removal of fuel subsidies.
  • Electricity tariffs tripled in 2024 for 15% of consumers, which should halve power subsidies.
  • 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.
  • Gas consumption is increasing rapidly, driven up by industrial demand.
  • The government forecasts a strong increase in power demand by 2050 (around 7%/year).
  • Several new oil and gas projects are under development, with FID expected in the late 2020s.
  • The construction of a seventh LNG train of 8 Mt/year started in 2021.
8th
largest proven gas reserves in the world
1st
crude oil producer in Africa
30%
of renewables in the power mix in 2030

  • Institutions & Energy Policy

    The Federal Ministry of Petroleum Resources (FMPR) is responsible for oil and gas policy. The FMPR also oversees the Nigerian Nuclear Regulatory Authority (NNRA).

    The Federal Ministry of Power is responsible for power supply.

  • Energy Supply

    Resources:

    Nigeria has considerable oil and natural gas resources (5 Gt and around 5 910 bcm proven reserves at end-2023). The country is the largest gas proved reserve holder in Africa (8th in the world) and the second oil and NGL proved reserve holder in Africa, after Libya.

  • Energy Prices

    Oil:

    Following a strong rise on international markets, the average price of diesel in dollars was multiplied by a factor of 2.5 in 2022, reaching US$1.6/l, and declined by 8% in 2023. After increasing by 5% in 2022, the price of gasoline was multiplied by 1.7 in June 2023 in US$ following the removal of subsidies (tripling in local currency).

  • Energy Consumption

    Consumption per capita was 0.8 toe in 2022 (more than 40% higher than the average for Sub-Saharan Africa). Electricity consumption per capita is relatively low in comparison to neighbouring countries and reached 120 kWh/hab in 2023 (2.8 times lower than the average for Sub-Saharan Africa).

    Since 2012, total consumption has increased at an average of 1.6%/year to 174 Mtoe in 2023.

  • 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 (2023, %)
  • GRAPH 3: Gross power production by source (TWh)
  • GRAPH 4: Power generation by source (2023, %)
  • 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 (2023, %)
  • GRAPH 9: Final consumption market share by sector (2023, %)
  • GRAPH 10: Oil consumption (Mt)
  • GRAPH 11: Oil consumption breakdown by sector (2023, %)
  • GRAPH 12: Electricity consumption (TWh)
  • GRAPH 13: Electricity consumption breakdown by sector (2023, %)
  • GRAPH 14: Natural gas consumption (bcm)
  • GRAPH 15: Gas consumption breakdown by sector (2023, %)
  • GRAPH 16: Coal consumption (Mt)
  • GRAPH 17: Coal consumption breakdown by sector (2023, %)
  • 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).