Nigeria ranks 10th globally in terms of total oil reserves1 and 8th globally in terms of gas reserves1
Nigeria key statistics
222m
Population2
US$390bn
GDP2
2.9%
2023 GDP growth2
US$1,760
GDP per capita2
Our market
Nigeria has proven oil reserves of approximately 37 billion barrels, ranking as the second largest in Africa and the tenth largest in the world1. Nigeria is also estimated to hold 209 Tscf of proven natural gas reserves, making it the eighth largest gas reserve holder in the world and the largest in Africa1.
Source: BP Statistical Review 2021
Source: BP Statistical Review 2021
Gas production and development
Despite its 208 Tscf of proven gas reserves, Nigeria only produces 4.3 Bscfpd5, the majority of which is exported as LNG. Nigeria ranked as the world’s sixth largest exporter of LNG in 2022, with 692 Bscf exported. With a gas reserve to production ratio of approximately 133 years5, the under-developed gas resources of Nigeria represent a significant opportunity to be exploited, in particular for the benefit of the domestic economy.
1 Source: OPEC Annual Statistical Review 2023
1 Statistica, 2021. – should be Statista 2021 - **
2 Source BP Statistical Review 2021. - **
2 Source: IMF Datamapper, 2023.
4 Lloyds bank trade 2023, Proshare, 2023
5 Source: OPEC Annual Statistical Review 2023.
6. Source: World Bank 2023.
7. Source: CIA World Fact Book 2022.
