Nigeria is ranked as Africa’s largest economy1 and ranks 13th globally in terms of total oil and gas reserves2

Nigeria key statistics

217m

Population3

US$477.4bn

GDP3

3.3%

2022 GDP growth3

US$2,200

GDP per capita3

Our market

Nigeria is estimated to hold 193 Tscf of proved natural gas reserves, making it the tenth largest gas reserve holder in the world and the largest in Africa2. Nigeria has proven oil reserves of approximately 37 billion barrels, ranking as the second largest in Africa and the eleventh largest in the world2. In 2022 Nigeria produced on average 1.14 MMbopd.

pg84-Nigeria ranks 11th.svg

Source: BP Statistical Review 2021

pg84-Nigeria ranks 10th.svg

 

Source: BP Statistical Review 2021

SE - CPZ-65.jpg

Nigerian economy

Nigeria is ranked as Africa’s largest economy1. It relies heavily on oil as its main source of foreign exchange earnings and government revenues, with crude oil accounting for an estimated 83% of total export earnings and 70% of fiscal revenues2. In 2022, revenues from oil accounted for 5.7% of GDP4.

Read more in our 2022
Annual Report and Accounts


065B4460_Stub Creek.jpg

Gas production and development

Nigeria has around 193 Tscf of proved gas reserves, yet only produces 4.4 Bscfpd2, the majority of which is exported as Liquified Natural Gas ("LNG"). The Nigerian Government has stated that it sees the provision of adequate gas supply as a means of increasing industrial output and electricity supply, and thereby achieving economic growth, prosperity and employment opportunities. In August 2022, the Nigerian Government launched its Energy Transition Plan to demonstrate its commitment to achieving carbon neutrality, ending energy poverty and driving economic growth. The Government said that its plan is anchored on natural gas. While there are only 4,500 km of gas pipelines in country, Savannah’s pipeline network is one of the very few privately owned pipeline systems built in Nigeria and ranks as one of the largest privately owned gas transportation and distribution networks in Sub-Saharan Africa.

pg85_Gas pipelines.svg

Read more in our 2022
Annual Report and Accounts

Statistica, 2021.​​​​​​ – should be Statista 2021

Source BP Statistical Review 2021.​​​

3 IMF, 2022

4 Lloyds bank trade 2023, Proshare, 2023