The Report Covers Nigeria's Oil and Gas Market Size & Share and It is Segmented by Sector (Upstream, Midstream, and Downstream). The Report Offers the Size and Forecasts for the Oil and Gas Markets in Production Volume for all the Above Segments.

This dataset contains information about Nigeria's petroleum products for 2010-2021. Data from National Bureau of Statistics, Nigeria.

Key information about Nigeria Crude Oil: Production

• Nigeria Crude Oil: Production was reported at 1,495.000 Barrel/Day th in Jan 2025
• This records a decrease from the previous number of 1,525.000 Barrel/Day th for Dec 2024
• Nigeria Crude Oil: Production data is updated monthly, averaging 1,885.000 Barrel/Day th from Jan 2002 to Jan 2025, with 277 observations
• The data reached an all-time high of 2,496.000 Barrel/Day th in Nov 2005 and a record low of 1,015.000 Barrel/Day th in Sep 2022
• Nigeria Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: OPEC Members: Monthly

The size of the Oil and Gas Downstream Industry in Nigeria market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 3.50% during the forecast period. Downstream activities in the oil and gas industry play a vital role in Nigeria's energy sector. The essence of this business area is the refining, distribution, and marketing of petroleum products. Being one of the biggest oil-producing African countries, downstream Nigerian activities are considered an essential undertaking to convert crude oil into usable items like gasoline, diesel, and kerosene, sustaining both national and international markets. However, the sector has also faced many challenges, including underinvestment, obsolescence of existing refining infrastructure, and inefficiency of regulation. Two old and small-capacity refineries dominate Nigeria's refining capacity and are not sufficient to meet the current demands of Nigeria. Imported refined products now account for significant supplies across most of the country. Reform and policies by the government are in the pipeline to revitalize existing ones and attract foreign investment into new ones. Improvement in the network is also ongoing. Issues such as scarcity and pricing inconsistencies that have hounded consumers are being addressed. Apart from creating jobs and promoting economic development, the Downstream Industry emploies many people while its activities translate to incomes for the government in the areas of taxes and royalties. The industry is changing and concentrating more on sustainability and responsibility as regards the environment with emphasis on cleaner fuels and lower carbon footprints. Overall, the downstream industry plays a key role in ensuring that there is adequate energy supply and also economic stability in Nigeria. Recent developments include: August 2022: The Nigerian National Petroleum Company announced that the Dangote Refinery is expected to start commercial operations by mid-2023. The refinery project is one of the largest in Africa, with a refining capacity of 650,000 barrels per day., November 2022: Nigeria's Gasoline Integrated International announced that the company plans to build a USD 68 million refinery on Tongeji Island. The refinery will have an initial refining capacity of 100,000 liters per day and other petroleum products, which will be expanded to 400,000 liters per day.. Key drivers for this market are: 4., Rising Demand for Increaing Refinening Capacity4.; Increasing Investment in Downstream Sector. Potential restraints include: 4., Fluctuating Price of Crude Oil May Impede the Development of the Downstream Sector. Notable trends are: Refining Segment Expected to Dominate the Market.

The report covers Nigeria Midstream Oil and Gas Companies and it is segmented by sector (transportation, storage, and terminal). The market size and forecasts for the market in revenue (USD billion) for the above segments.

Before the coronavirus (COVID-19) pandemic, Nigeria's oil sector generally accounted for about nine percent of the country's gross domestic product (GDP). Between October and December 2020, the oil industry contributed to 5.9 percent to the total real GDP, a decrease of roughly three percentage points compared to the previous quarter. In the third quarter of 2024, the contribution of the oil sector to the country's GDP reached 5.57 percent. Impact of the pandemic on the oil sector In 2023, over 91 percent of the value of exports in Nigeria was generated by the mineral fuels, oils, and distillation products' sector, accounting for approximately 60 billion U.S. dollars. In 2019, due to the lower demand related to the COVID-19 pandemic, oil production and export dropped. Data for 2021 shows, indeed, a recovery in the export value derived from oil. Fluctuating oil production Nigeria is one of the largest oil producers in the world. At the beginning of 2020, Nigeria’s daily oil production exceeded two million barrels. Afterwards, the production fluctuated but mainly decreased, reaching 1.54 million barrels per day in January 2025. The lowest production volume since September 2019 was achieved in July 2023.

NN: OPEC: Natural Gas Demand: Africa: Nigeria data was reported at 12,795.000 Cub m mn in 2017. This records a decrease from the previous number of 18,168.000 Cub m mn for 2016. NN: OPEC: Natural Gas Demand: Africa: Nigeria data is updated yearly, averaging 15,693.000 Cub m mn from Dec 2011 (Median) to 2017, with 7 observations. The data reached an all-time high of 18,445.000 Cub m mn in 2015 and a record low of 5,400.800 Cub m mn in 2011. NN: OPEC: Natural Gas Demand: Africa: Nigeria data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries. The data is categorized under World Trend Plus’s Association: Oil and Gas Sector – Table RO.OPEC.NG: Natural Gas Demand.

The size of the Nigeria Oil And Gas market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 1.39% during the forecast period.Oil and natural gas are fossil fuels that result from the decomposition of ancient plants and animals. Crude oil is a liquid hydrocarbon that is primarily used as fuel to move vehicles and to generate electricity. Natural gas is another gaseous hydrocarbon used for heating, cooking, and electricity generation.The oil and gas sector makes a very large percentage to Nigeria's economy, be it the GDP, export earnings, and more. Nigeria has very high quantities of oil and natural gas reservoirs, especially in Niger Delta. It can be separated into upstream exploration and production; midstream transportation and processing; and downstream refining, storage, and distribution sectors.However, the oil and gas sector in Nigeria is full of challenges-from infrastructural to security and regulatory ones. It is, however, providing a great opportunity for growth and development, particularly in regards to gas exploration and exploitation and renewable energy integration. Recent developments include: August 2022: NNPC, Nigeria's state-owned oil firm, renewed its oil production sharing agreements with international oil companies Shell, Equinox, Chevron, ExxonMobil, China's Sinopec, and Nigerian firm South Atlantic Petroleum for five deep-water blocks. The company aims to produce up to 10 billion barrels of oil over the next 20 years. NNPC jointly and separately owns the OML 128, 130, 132, 133, and 138 blocks., June 2022: the Nigerian government approved the implementation of a gas pipeline project that will link Nigeria and Morocco. This pipeline was an extension of an existing gas pipeline that has been transporting gas from southern Nigeria to Benin, Ghana, and Togo since 2010. The Nigeria-Morocco project spans approximately 6,000 kilometers and passes through 13 African countries along the Atlantic coast. The primary objective of this project is to provide natural gas to landlocked countries such as Niger, Burkina Faso, and Mali. The estimated volume of natural gas to be delivered to Morocco through this pipeline exceeds 5,000 billion cubic meters.. Key drivers for this market are: 4., Abundant Oil and Gas Reserves4.; Growing Investments in Natural Gas Infrastructure. Potential restraints include: 4., Vandalization and Threats By Militants On Oil And Gas Infrastructures. Notable trends are: The Upstream Segment Expected to Witness Significant Growth.

Nigeria Oil And Gas Midstream Market size was valued at USD 5.2 Billion in 2024 and is projected to reach USD 6.09 Billion by 2032, growing at a CAGR of 2% from 2026 to 2032.

Key Market Drivers

Gas Sector Transformation and Domestic Utilization Nigeria's gas sector is experiencing a dynamic shift aimed at harnessing its vast natural gas reserves to drive economic growth. Initiatives such as the National Gas Expansion Programme (NGEP) are focused on increasing the utilization of gas for power generation, industrial use, and residential consumption. Nigerian National Petroleum Corporation (NNPC) data reveals significant growth in domestic gas utilization.

Domestic gas consumption increased from 700 million standard cubic feet per day (MMSCFD) in 2020 to 1.2 billion MMSCFD by 2023. The government's target is to eliminate gas flaring by reducing the flare rate from 22% in 2020 to 10% by 2025.

Crude Oil Production in Nigeria decreased to 1434 BBL/D/1K in August from 1507 BBL/D/1K in July of 2025. This dataset provides the latest reported value for - Nigeria Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The Nigerian wireline logging services market, characterized by a CAGR exceeding 1.00% from 2019 to 2024, presents a significant opportunity for growth through 2033. Driven by increasing oil and gas exploration and production activities in the Niger Delta region and a push for enhanced oil recovery techniques, the market is projected to expand steadily. The prevalent use of open hole and cased hole logging, alongside electric line (E-Line) and slick line technologies, indicates a diverse service offering catering to various well conditions and operational needs. Key players such as FloSmart Energy Services Ltd, Energy Quest Oilfield Ltd, Baker Hughes, Schlumberger, Halliburton, Nabors Industries, Orion Energy Services, and Expro Group (among others) compete in this dynamic market, constantly innovating to meet evolving industry demands. The market segmentation by hole type and wireline type reflects the specialized nature of the services and the diverse needs of exploration and production companies. While precise market size figures for Nigeria are not provided, assuming a conservative base year (2025) market size of $50 million and a CAGR of 2% (a reasonable estimation given the industry average), the market is poised for substantial growth in the forecast period (2025-2033). This growth potential is further reinforced by the continued investment in oil and gas infrastructure in Nigeria and a growing emphasis on data-driven decision-making in well management. The market's growth is, however, subject to certain constraints. These may include fluctuating oil prices, regulatory hurdles, and the overall economic climate of Nigeria. Nonetheless, the long-term prospects remain positive, fueled by Nigeria's significant oil and gas reserves and the increasing sophistication of exploration and production techniques. The strategic adoption of advanced logging technologies and the expansion of service offerings by existing players will play a key role in shaping the future of the Nigerian wireline logging services market. Focusing on cost-effectiveness and operational efficiency will be crucial for companies seeking to gain a competitive edge in this market. Notable trends are: E-Line Segment to Dominate the Market.

The African oil and gas downstream market is segmented by Sector (Refinery Sector and Petrochemical Sector), and Geography (Nigeria, Egypt, South Africa, and Others). The report offers the market size and forecasts for the Africa oil and gas downstream market in refining capacity (million barrels per day) for all the above segments.

The average price of premium motor spirit in Nigeria increased by nearly 15 percent between September and October 2024. From July 2019 to July 2024, the largest jump was recorded in June 2023, when the average price of petrol increased by 129.23 percent.

Key information about Nigeria Crude Oil: Exports

• Nigeria Crude Oil: Exports was reported at 1,476.170 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 1,388.260 Barrel/Day th for Dec 2022
• Nigeria Crude Oil: Exports data is updated yearly, averaging 1,812.003 Barrel/Day th from Dec 1980 to 2023, with 44 observations
• The data reached an all-time high of 2,464.120 Barrel/Day th in 2010 and a record low of 935.200 Barrel/Day th in 1983
• Nigeria Crude Oil: Exports data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Exports

Nigeria was the leading oil producer in Africa as of 2023. Oil production amounted to roughly ** million metric tons in the country. Algeria, Libya, and Angola followed, each with an output above ** million metric tons. In the same year, the overall production of oil in Africa, including crude oil, shale oil, oil sands, and NGLs, reached ***** million metric tons, *** percent more than in 2022. Main producers, main exportersWhile being the main oil producer in Africa, Nigeria was also the largest crude oil exporter in the continent. The country sold nearly *** million barrels of oil daily to the international market in 2022. Angola and Libya followed, with an export volume of roughly *** million and ******* barrels per day, respectively. North and West Africa's contribution to the global oil exports reached nearly ***** percent as of 2023. Reserves and refinery capacityAfrica’s crude oil reserves remained stable in 2021, accumulating to ***** billion barrels. From a country perspective, Libya had the highest amount of crude oil reserves in the continent, **** billion barrels, while the Nigerian reserves amounted to **** billion barrels. When it comes to oil refining, Egypt led, with a refinery capacity of *** thousand barrels daily.

The size of the Nigeria Upstream Oil and Gas Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 1.45% during the forecast period. The upstream oil and gas industry in Nigeria is an anchor of the nation's economy because it is through this industry that crude oil and natural gas are explored and produced. Nigeria, being one of the main oil-producing countries in Africa, has immense reservior in the Niger Delta region. The sector has attracted considerable foreign investment by virtue of its rich hydrocarbon resources, contributing substantially to government revenue as well as generating considerable foreign exchange earnings. However, many challenges face the industry, mainly operational inefficiencies, security aspects like pipeline vandalism and oil theft, and regulation measures that have been obstacles to production. The Nigerian government has, over time, attempted to strengthen the investment environment through policies aiming to improve clarity and bureaucracy in the system currently in place. Some legislation, for example, the Petroleum Industry Act, aims more recently to transform the regulatory framework as local players and international investors encourage greater investment in activities such as exploration and production. Advances in technology and sustainable operations are equally the new face of Nigeria's future upstream sector. Not only will clean alternatives characterize the global energy landscape, but pressure will be mounting to adopt greener exploration practices. And despite all these challenges, it seems that Nigeria's upstream oil and gas industry has got what it takes to grow forward, given its huge resources and potential for innovation-all of which make this sector not only important to regional, but also global, energy markets. Recent developments include: In February 2021, the government announced its plans to overhaul the Nigerian Petroleum Exchange (NIPEX) to shed more light on inventory management. The country's oil management is plagued by no synergy between different sets of the institution, both public and private. The government is expected to take more proactive steps in this direction in the coming years., The government planned to pass the Petroleum Industry Bill (PIB) in 2021. This bill may directly aid in creating clear structures, which may boost the development of the industry., In February 2021, Nigeria launched an exercise to cut upstream production costs to secure the country's energy future, primarily due to the low cost of oil, which leads to meager profit even on high expenditures.. Key drivers for this market are: 4., Rising Demand for Increaing Refinening Capacity4.; Increasing Investment in Downstream Sector. Potential restraints include: 4., Fluctuating Price of Crude Oil May Impede the Development of the Downstream Sector. Notable trends are: Growing Investments in Gas Infrastructure to Drive the Market.

Nigeria Ovo Project Panorama, GlobalData’s latest release, presents a comprehensive overview of the asset. This upstream report includes detailed qualitative and quantitative information on the asset, provides a full economic assessment and reflects several parameters including (but not limited to) geological profile, asset development and specific challenges. Based on this analysis, future outlook for the asset is presented with possible trends and related scenarios identifying upside/downside potential. Read More

Comprehensive dataset containing 423 verified Oil field equipment supplier businesses in Nigeria with complete contact information, ratings, reviews, and location data.

Africa's crude oil reserves amounted to ***** billion barrels in 20221, while natural gas reserves stood at *****trillion cubic feet in 2023. Upcoming oil and gas projects are expected to increase mineral fuel production in the continent. The Tanzania Liquefied Natural Gas Project, also known as Likong’o-Mchinga LNG Project, has an investment value estimated at ** billion U.S. dollars. The same amount is projected for the construction of the Rovuma LNG Terminal, in Mozambique. Another natural gas plant in the country, the Mozambique LNG Project, received ** billion U.S. dollars in investment. In Nigeria, two major facilities are expected: the ** billion U.S. dollar Ogidigben Gas Revolution Industrial Park and the Etan and Zabazaba deepwater integrated project, with an investment value of **** billion U.S. dollars.

Nigeria’s oil production amounted to some *** million barrels per day in 2024, an increase when compared to the previous year. Between 1998 and 2024, figures decreased by approximately ******* barrels per day. Nigeria and OPEC Nigeria joined the OPEC (Organization of Petroleum Exporting Countries) in 1971, becoming the 11th country to join the organization following its founding in September 1960. Nigeria is the most populous country within the OPEC, but in terms of daily oil production, it is ranked ***** within the organization. In terms of oil reserves, Nigeria’s OPEC ranking is eighth.  Oil refining in Nigeria  The Dangote oil refinery is currently under construction and is expected to be completed by the fourth quarter of 2022. Its construction will add considerable refining capacity to Nigeria’s oil industry. Designed to process some ******* barrels of crude oil each day, this will increase Nigeria’s existing refining capacity of ******* barrels per day considerably. According to billionaire Aliko Dangote who owns the project, and after whom the project is named, about ** percent of the refinery’s products will be exported, with the remainder serving the Nigerian market.