Market Size of Nigeria Oil And Gas Downstream Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 1.14 Million barrels per day |
| Market Volume (2029) | 1.36 Million barrels per day |
| CAGR (2024 - 2029) | 3.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Nigeria Oil & Gas Downstream Market Analysis
The Nigeria Oil And Gas Downstream Market size is estimated at 1.14 Million barrels per day in 2024, and is expected to reach 1.36 Million barrels per day by 2029, growing at a CAGR of 3.5% during the forecast period (2024-2029).
Due to regional lockdowns and a decline in demand for refined petroleum products, the COVID-19 outbreak had a negative effect on the market. Currently, the market has rebounded to pre-pandemic levels.
- The government's strong desire to have a well-established domestic refining industry will be one factor driving the market during the forecast period.At the moment, Nigeria imports almost all of its petroleum products because major refineries are having trouble keeping up with maintenance. Also, the upcoming refinery capacity expansion projects can steer the growth.
- However, the fluctuating price of crude oil may impede the development of the downstream sector.
- The popular idea of modular refineries can be a great way to deal with sudden changes in product demand and can also be set up quickly. Nigeria's huge oil reserves assure a sustainable supply of crude oil for refining input.
Nigeria Oil & Gas Downstream Industry Segmentation
Downstream operations are oil and gas processes that occur after the production phase to the point of sale. They are the final step in extracting the oil and gas from the ground and delivering them to the end user.
The Nigerian oil and gas downstream market is segmented by sector. By sector, the market is segmented into refining, petrochemical plants, and retail sales. The market sizing and forecasts have been done based on refining capacity (million barrels per day).
Nigeria Oil And Gas Downstream Market Size Summary
The Nigerian Oil and Gas Downstream Market is projected to experience significant growth over the forecast period. This growth is driven by the government's desire to establish a robust domestic refining industry, as Nigeria currently imports the majority of its petroleum products due to difficulties maintaining major refineries. The market faced a downturn due to the COVID-19 pandemic, with regional lockdowns and a decrease in demand for refined petroleum products. However, the market has since rebounded to pre-pandemic levels. The refining segment is expected to dominate the market, as Nigeria's refining industry needs to expand to meet the rapidly increasing demand for petroleum products. The country is working to improve its aging and underperforming crude-processing plants, but lack of government support and foreign investment has slowed development. The Nigerian oil and gas downstream sector is also anticipated to benefit from investments by independent energy companies, driven by the government's plans to increase private company shareholding in state-owned refineries.
Explore MoreNigeria Oil And Gas Downstream Market Size - Table of Contents
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1. MARKET SEGMENTATION BY SECTOR
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1.1 Refining
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1.2 Petrochemical
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1.3 Retail Sales
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Nigeria Oil And Gas Downstream Market Size FAQs
How big is the Nigeria Oil And Gas Downstream Market?
The Nigeria Oil And Gas Downstream Market size is expected to reach 1.14 million barrels per day in 2024 and grow at a CAGR of 3.5% to reach 1.36 million barrels per day by 2029.
What is the current Nigeria Oil And Gas Downstream Market size?
In 2024, the Nigeria Oil And Gas Downstream Market size is expected to reach 1.14 million barrels per day.
