Market Size of Nigeria Oil and Gas Upstream Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 4.73 Million cubic feet |
| Market Volume (2029) | 5.08 Million cubic feet |
| CAGR (2024 - 2029) | 1.45 % |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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Nigeria Upstream Oil and Gas Market Analysis
The Nigeria Oil and Gas Upstream Market size is estimated at 4.73 Million cubic feet in 2024, and is expected to reach 5.08 Million cubic feet by 2029, growing at a CAGR of 1.45% during the forecast period (2024-2029).
The COVID-19 outbreak caused several disruptions in oil and gas production worldwide. There was a drastic reduction in oil demand from countries in Europe and Asia, which are the significant buyers of Nigeria's crude oil. For example, Nigeria had over 50 stranded cargoes of crude oil and 12 cargoes of LNG that were unable to find buyers due to low demand, which negatively impacted the government's revenue profile. Factors such as an anticipated recovery in demand for oil and gas, development of gas infrastructure, and governmental push toward increasing exploration and production activities in the country are expected to aid the market's growth. On the flip side, political instability and large-scale corruption are expected to restrain the market's growth.
- The development of gas infrastructure in Nigeria will drive the commercialization of the gas already being flared. It is also expected to attract investments in the gas reserves that are currently underdeveloped.
- The government has instigated reforms in the sector, including new laws expected to provide opportunities for the market players.
- The offshore segment is expected to dominate the market during the forecast period, as Nigeria's offshore oil and gas industry continues to expand albeit not very fast, thus opening more market opportunities.
