9th
largest proven gas reserves in the world
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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 2020 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.
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Highlights
9th
largest proven gas reserves in the world
1st
crude oil producer in Africa
~7%
of global LNG exports
Abstract
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
Oil:
Nigeria is the largest oil producer in Africa, with an output of 87 Mt in 2020 (-14% compared to 2019). Previously, oil production had been slowly recovering as from 2017 (+3%/year on average). Output fell by 5%/year between 2010 and 2017, including -14% in 2016, partly due to the attack on oil and gas infrastructure by militants.
Energy Prices
Gas:
The price of natural gas is set by the government. The scheme aims to support production for power generation and to align domestic gas prices with international prices. Indeed, gas suppliers were not encouraged to make the investments needed in exploration and production to meet the domestic demand.
Energy Consumption
Consumption per capita was 0.8 toe in 2020 (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).
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.
Below is a list of the Nigeria energy market report graphs:
In the Nigeria energy market report you will find the following tables:
The Nigeria energy market data since 1990 and up to 2020 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:
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:
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