Oil & Gas in Nigeria
Summary
Oil & Gas in Nigeria industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- The oil and gas market volume is defined as the total consumption (barrels of oil equivalent) of refined petroleum products and natural gas by end-users in each country. The value of the oil segment reflects the total volume of refined petroleum products, including refinery consumption and losses, multiplied by the average retail price of gasoline and diesel taken together. The value of the gas segment is calculated as the total volume of natural gas consumed multiplied by the retail price of natural gas.
- The Nigerian oil & gas market recorded revenues of $38.3 billion in 2023, representing a compound annual growth rate (CAGR) of 17% between 2018 and 2023.
- Market consumption volume increased with a CAGR of 6.5% between 2018 and 2023, to reach a total of 358.1 million BoE in 2023.
- The Nigerian oil sector experienced a surge in investment in refining and storage infrastructure, particularly under the PIA framework. The Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA) has licensed the construction of the Belema Sweet Export Terminal, Nigeria's first hybrid crude oil processing and export loading terminal.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the oil & gas market in Nigeria
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the oil & gas market in Nigeria
- Leading company profiles reveal details of key oil & gas market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Nigeria oil & gas market with five year forecasts by both value and volume
- What was the size of the Nigeria oil & gas market by value in 2023?
- What will be the size of the Nigeria oil & gas market in 2028?
- What factors are affecting the strength of competition in the Nigeria oil & gas market?
- How has the market performed over the last five years?
- Who are the top competitors in Nigeria's oil & gas market?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market rivalry
- 1.6. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Who are the leading players?
- 7.2. What are the strengths of the leading players?
- 7.3. What were the most notable recent developments in this market?
- 8 Company Profiles
- 8.1. Exxon Mobil Corporation
- 8.2. Shell plc.
- 8.3. Chevron Corporation
- 8.4. NNPC Ltd
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. About MarketLine
- List of Tables
- Table 1: Nigeria oil & gas market value: $ million, 2018-23
- Table 2: Nigeria oil & gas market category segmentation: % share, by value, 2018-2023
- Table 3: Nigeria oil & gas market category segmentation: $ million, 2018-2023
- Table 4: Nigeria oil & gas market geography segmentation: $ million, 2023
- Table 5: Nigeria oil & gas market value forecast: $ million, 2023-28
- Table 6: Exxon Mobil Corporation: key facts
- Table 7: Exxon Mobil Corporation: Annual Financial Ratios
- Table 8: Exxon Mobil Corporation: Key Employees
- Table 9: Exxon Mobil Corporation: Key Employees Continued
- Table 10: Shell plc.: key facts
- Table 11: Shell plc.: Annual Financial Ratios
- Table 12: Shell plc.: Key Employees
- Table 13: Chevron Corporation: key facts
- Table 14: Chevron Corporation: Annual Financial Ratios
- Table 15: Chevron Corporation: Key Employees
- Table 16: Chevron Corporation: Key Employees Continued
- Table 17: NNPC Ltd: key facts
- Table 18: NNPC Ltd: Key Employees
- Table 19: Nigeria size of population (million), 2019-23
- Table 20: Nigeria gdp (constant 2005 prices, $ billion), 2019-23
- Table 21: Nigeria gdp (current prices, $ billion), 2019-23
- Table 22: Nigeria inflation, 2019-23
- Table 23: Nigeria consumer price index (absolute), 2019-23
- Table 24: Nigeria exchange rate, 2019-23
- List of Figures
- Figure 1: Nigeria oil & gas market value: $ million, 2018-23
- Figure 2: Nigeria oil & gas market category segmentation: $ million, 2018-2023
- Figure 3: Nigeria oil & gas market geography segmentation: % share, by value, 2023
- Figure 4: Nigeria oil & gas market value forecast: $ million, 2023-28
- Figure 5: Forces driving competition in the oil & gas market in Nigeria, 2023
- Figure 6: Drivers of buyer power in the oil & gas market in Nigeria, 2023
- Figure 7: Drivers of supplier power in the oil & gas market in Nigeria, 2023
- Figure 8: Factors influencing the likelihood of new entrants in the oil & gas market in Nigeria, 2023
- Figure 9: Factors influencing the threat of substitutes in the oil & gas market in Nigeria, 2023
- Figure 10: Drivers of degree of rivalry in the oil & gas market in Nigeria, 2023
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