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Report Overview
The Nigeria oil and gas market attained a volume of 1.44 MMT in 2025 and is projected to expand at a CAGR of 5.30% through 2035. The market is further expected to achieve a volume of 2.41 MMT by 2035. Accelerated gas-to-power projects and CNG adoption are expanding domestic offtake, reducing flaring, improving energy access, and creating stable demand pools that support midstream investment and long-term revenue growth.
Key Market Trends and Insights
- By type, the downstream gas category is expected to record a CAGR of 6.0% over the forecast period.
- Nigeria is prioritizing gas processing, LNG exports, and domestic gas use to reduce oil dependence.
- Indigenous operators are investing in marginal fields as divestments by IOCs unlock local production growth.
Market Size & Forecast
- Market Size in 2025: 1.44 MMT
- Projected Market Size in 2035: 2.41 MMT
- CAGR from 2026 to 2035: 5.30%
Better security cooperation in relation to key pipelines is reducing unplanned shutdowns and boosting confidence for exporters. Moreover, deregulation in downstream sectors is enabling marketers to sign supply contracts with refiners without intermediaries. The developments in the Nigeria oil and gas market are currently leading to a positive impact on the predictability of cash flow management and hence are attracting private investment. Equipment suppliers are gradually directing their focus on enhanced reliability, accuracy of meter reading, as well as digital asset management.
The oil and gas market in Nigeria is further undergoing a structural reset following the commissioning of the 650,000-barrel-per-day by Dangote Refinery, announced in November 2025. Built to curb fuel imports and stabilize domestic supply, such projects are reshaping price discovery mechanisms, renegotiating logistics contracts, and changing storage utilization patterns across the nation. This shift marks a decisive move toward retaining downstream value within Nigeria, reducing long-term reliance on export-driven and import-dependent fuel models.
Upstream operators are redirecting their capital investments toward brownfield optimization, pipeline security, and modular processing solutions. Companies are prioritizing joint venture restructuring to unlock delayed investments and raise output efficiency. For example, NNPC announced plans to venture into new oil field developments, with the aim of raising a minimum of USD 30 billion by the end of the decade, in January 2026. Companies are also investing in compressed natural gas distribution and small-scale LNG to serve the surging demand in the Nigeria oil and gas market. These shifts reflect a move toward shorter-cycle projects that generate faster returns under volatile pricing conditions.
2025
Base Year
2019-2025
Historical Period
2026-2035
Forecast Period
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As of January 1, 2024, the total reserves of crude oil and condensate have increased significantly to 37.50 billion barrels, up from 36.966 billion barrels reported on the same date in 2023.
-
As per industry reports, Nigeria's gas reserves were estimated at 209.26 trillion cubic feet (Tcf) as of January 1, 2024.
-
Nigeria is among the world’s top five exporters of liquefied natural gas (LNG).
-
Currently, Nigeria has proven reserves equivalent to 237.3 times its annual consumption.
Compound Annual Growth Rate
5.3%
Value in MMT
2026-2035
*this image is indicative*
| Nigeria Oil and Gas Market Report Summary | Description | Value |
| Base Year | MMT | 2025 |
| Historical Period | MMT | 2019-2025 |
| Forecast Period | MMT | 2026-2035 |
| Market Size 2025 | MMT | 1.44 |
| Market Size 2035 | MMT | 2.41 |
| CAGR 2019-2025 | Percentage | XX% |
| CAGR 2026-2035 | Percentage | 5.30% |
| CAGR 2026-2035 - Market by Type | Downstream Gas | 6.0% |
Key Trends and Developments
Domestic Refining Expansion and Import Substitution
The Nigeria oil and gas market dynamics is being reshaped by large-scale domestic refining projects aimed at reducing fuel imports. The federal government is publicly supporting local refining initiatives as a strategic priority, aligning pricing reforms and logistics access to support domestic processing. This shift creates opportunities for crude suppliers, storage operators, and distribution companies. Organizations like Lobito Refinery are rapidly advancing their capacity expansion initiatives, with their facility set to begin operations in December 2027. For upstream players, local refining lowers evacuation risk and shortens cash cycles. For downstream firms, it enables margin recovery through localized value chains rather than import arbitrage dependence.
Gas Monetization and Gas-to-Power Infrastructure Push
Gas-related investments are becoming a rising trend as Nigeria leverages natural gas as a transition and industrial fuel source. Government-backed efforts through the Decade of Gas program are facilitating gas processing plants, pipelines, and gas distribution infrastructure. Various firms are shifting focus to L-CNG to provide gas services to power stations, industrial zones, and transportation operators. NNPC Limited is pursuing partnerships for gas-related infrastructure development for unlocking untapped gas resources, announcing USD 30 billion in investments, in December 2025. These developments in the Nigeria oil and gas market are driving investment in gas handling and processing equipment for the midstream gas industry.
Upstream Asset Divestment and Indigenous Operator Growth
International oil companies are divesting their onshore and shallow-water properties, thereby opening opportunities for local players to participate. Local companies are taking over these properties and are maintaining cost discipline, adding new production units, and utilizing local services. Support by the government to build local content is strengthening this transformation process by widening the Nigeria oil and gas market scope. Local operators are increasingly deploying modular processing plants and enhanced oil recovery techniques to extend the productive life of mature fields. Demonstrating this shift, Shell revived the Bonga South West FPSO project in January 2026, targeting peak production of approximately 150,000 barrels per day through a floating production system.
Pipeline Security Reforms and Production Recovery Efforts
Pipeline vandalism and theft have previously constrained Nigeria’s output, but coordinated security reforms are improving reliability. Government-backed surveillance contracts and technology deployment, including monitoring systems and third-party security operators, are reducing disruptions. Oil producers are reinvesting in shut-in fields as evacuation risks decline. This Nigeria oil and gas market trend directly impacts export terminal utilization and revenue recovery. For instance, to secure Nigeria's oil assets and boost crude oil production, the Nigerian Navy launched Operation Delta Sentinel in January 2026. The focus is shifting from emergency response to preventive infrastructure management across key producing corridors.
Fiscal and Regulatory Reforms Improving Project Bankability
Regulatory clarity following petroleum sector reforms is improving investor confidence. The Nigerian government offers revised fiscal terms, licensing frameworks, and host community structures to reduce project delays. Operators are reassessing stalled developments under more predictable approval timelines. These reforms favor capital-efficient projects with shorter payback periods, accelerating the Nigeria oil and gas market expansion. Midstream storage, trucking, and processing ventures are gaining traction under clearer tariff structures. For example, Afreximbank announced plans to launch a USD 500 million fund to finance African gas infrastructure in November 2025.
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Nigeria Oil and Gas Industry Segmentation
The EMR’s report titled “Nigeria Oil and Gas Market Report and Forecast 2026-2035” offers a detailed analysis of the market based on the following segments:
Market Breakup by Sector
- Upstream
- Midstream
- Downstream
Key Insight: the upstream sector focuses on sustaining production through brownfield optimization and cost discipline. The midstream sector expands its share through pipelines, storage, and gas infrastructure supporting domestic offtake. Downstream anchors value through refining, distribution, and marketing integration. Both of these sectors considered in the Nigeria oil and gas market report create a balanced structure where capital efficiency, infrastructure reliability, and domestic integration.
Market Breakup by Type
- Downstream Oil
- Market Breakup by End Use
- Residential
- Industrial
- Forest and Agriculture
- Transportation
- Others
- Market Breakup by End Use
- Downstream Gas
- Market Breakup by End Use
- Power
- Fertilizer
- Industrial
- Others
- Market Breakup by End Use
Key Insight: Downstream oil remains central as refined fuels support transportation and industrial activity. Downstream gas is gaining importance as power generation and manufacturing seek cleaner, affordable energy. Oil-based downstream focuses on logistics, retail networks, and price competitiveness. On the other hand, gas downstream prioritizes pipelines, distribution hubs, and customer aggregation. Operators balance legacy oil demand with rising gas utilization to accelerate overall Nigeria oil and gas industry growth.
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Purchase the Regional Overview for USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Nigeria Oil and Gas Market Share
Downstream sector dominates the market owing to refining capacity expansion
Upstream operations remain central to the Nigeria oil and gas market as producers prioritize production stability and cost control. Indigenous operators acquiring divested assets are focusing on brownfield redevelopment, workover programs, and modular processing units to lift output efficiently. Government support for local content has encouraged domestic service providers and fabrication yards. Upstream players are also investing in digital well monitoring and predictive maintenance to reduce downtime.
The midstream sector observes accelerated growth in the Nigeria oil and gas market with the country upgrading transport, storage, and gas handling capacity. Pipeline rehabilitation, terminal optimization, and trucking fleets are attracting investment following improved security oversight. Government emphasis on gas monetization is pushing midstream firms to develop compression, processing, and distribution infrastructure. For instance, in December 2025, Nigeria’s NMDPRA launched Africa’s first Gas Trading Licence, Clearing House and Settlement Authorisation platform, marking a major milestone for the continent’s energy and gas trading markets.
By type, the downstream oil category occupies a substantial share of the market, powered by critical infrastructure
Downstream oil holds the major share of the Nigeria oil and gas industry value as it plays a key role in refining, distributing, and marketing oil products. The category’s dominance is also driven by its pivotal role in the supply of energy and the circulation of the economy, depending on utility of energy for commercial purposes, including transport and power generation. Companies are focusing on supply reliability, regional distribution hubs, and branded retail networks. This segment benefits from predictable demand, faster cash cycles, and stronger alignment with domestic consumption growth trends.
| CAGR 2026-2035 - Market by | Type |
| Downstream Gas | 6.0% |
| Downstream Oil | XX% |
The downstream gas sector is also contributing to the Nigeria oil and gas market revenue with aggressive investment in storage, pipelines, and export terminals. For example, Nigeria Gas Infrastructure Company (NGIC) committed over USD 1 billion to expand the Escravos-Lagos pipeline and complete the OB3 line in June 2024. The surge in CNG stations, with over 150 planned under the Presidential CNG Initiative, is also spurring retail demand. Nigeria is also finalizing gas swap agreements with Morocco and Ghana, opening new regional trade routes.
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Competitive Landscape
Leading Nigeria oil and gas market players are scaling up modular refineries and brownfield operations, while IOCs such as TotalEnergies and Shell are doubling down on offshore and gas-centric assets. Areas of focus include digital oilfields, ESG compliance, and gas infrastructure. The introduction of the Midstream & Downstream Gas Infrastructure Fund (MDGIF) is opening up opportunities for midstream financiers.
Moreover, Nigeria oil and gas companies are also exploring power-generation synergies with gas to tap the country’s 5GW energy deficit. Additionally, partnerships with indigenous oil firms are becoming crucial for accessing licenses and navigating complex regulatory terrains. With government-backed reforms creating an enabling environment, companies focused on innovation, infrastructure, and compliance are well-positioned to grow over the forecast period.
Nigerian National Petroleum Corporation
Nigerian National Petroleum Corporation is based in Abuja, Nigeria. The company was founded in the year 1977 and is currently one of the largest oil producers and suppliers in Africa. The services offered by the company include upstream and downstream oil and gas products, gas and power, new energy, and non-energy services, among others.
Exxon Mobil Corporation
Exxon Mobil Corporation is a leading natural gas company which caters to the energy demands of various sectors across the world. This company discovers, produces, and sells crude oil, natural gas, petroleum products, and various oil and gas-related resources. It was founded in the year 1999 and is headquartered in Texas, United States.
Total Energies SE
Total Energies SE is a petroleum company which explores and produces oil and gas, renewable energies, bio-energies, electricity, refining and petrochemicals, specialty chemicals, and trading and shipping services, among others. The company was established in the year 1924 and is currently headquartered in Courbevoie, France.
Shell Plc
Shell Plc, established in 1907 and headquartered in London, United Kingdom, is a key player in the Nigeria oil and gas market. Through Shell Petroleum Development Company (SPDC), it leads offshore exploration, gas projects, and infrastructure development across the country. The firm supports domestic supply, export stability, and long-term transition toward gas-led energy growth across Nigeria.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other key players in the market include Chevron Corporation, Lekoil Nigeria Limited, Sterling Oil Exploration & Energy Production Co. Ltd., Pinnacle Oil and Gas Company Limited, and CNOOC International Ltd., Eni S.p.A., among others.
Key Highlights of the Nigeria Oil and Gas Market Report:
- Long-term production and consumption outlook aligned with refining and gas infrastructure timelines.
- Deep-dive analysis of refinery-led downstream restructuring and gas distribution corridors.
- Competitive mapping of indigenous producers, midstream operators, and integrated marketers.
- Evaluation of regulatory reforms influencing project bankability and private capital entry.
- Strategic assessment of domestic value retention and infrastructure-led investment pathways.
Why Rely on Expert Market Research?
- Specialized energy-sector analysts with on-ground understanding of Nigeria’s oil and gas dynamics.
- Custom insights focused on project viability, cash-flow stability, and risk mitigation.
- Strong primary research from operators, EPC firms, and policymakers.
- Decision-ready intelligence built for investors, developers, and energy infrastructure stakeholders.
Call to Action
Unlock the latest insights with our Nigeria oil and gas market trends 2026 report. Discover regional growth patterns, consumer preferences, and key industry players. Stay ahead of competition with trusted data and expert analysis. Download your free sample report today and drive informed decisions in the market.
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2025, the market reached an approximate volume of 1.44 MMT.
The market is projected to grow at a CAGR of 5.30% between 2026 and 2035.
The market is estimated to witness a healthy growth in the forecast period of 2026-2035 to reach a volume of 2.41 MMT in 2035.
Stakeholders are investing in modular facilities, partnering with refiners, expanding gas distribution, deploying digital monitoring, securing offtake contracts, and localizing services to improving margins, reliability, and capital efficiency nationwide sustainably.
Companies face pipeline insecurity, financing gaps, regulatory transition risks, foreign exchange volatility, aging infrastructure, and rising compliance costs while maintaining production reliability and meeting domestic supply obligations amid market reforms.
The key players in the market include Nigerian National Petroleum Corporation, Exxon Mobil Corporation, Total Energies SE, Shell Plc, Chevron Corporation, Lekoil Nigeria Limited, Sterling Oil Exploration & Energy Production Co. Ltd., Pinnacle Oil and Gas Company Limited, and CNOOC International Ltd., Eni S.p.A., among others.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Sector |
|
| Breakup by Type |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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