Nigeria Petrol Station Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The petrol station market in Nigeria is expected to register a CAGR of around 1.5% during the forecast period. The COVID-19 outbreak caused several disruptions in oil and gas production across the world. Similarly, in Nigeria, due to lockdown measures imposed by the government, most of the filling stations in the country had low patronage as Nigerians complied with the lockdown order by the government. The outbreak of COVID-19 also caused disruptions in the supply chain and production of oil and gas, as a result of which many filling stations in the country remain closed. The production of premium motor spirit (PMS) or petrol also has remained stagnant with very little growth. Factors such as rehabilitation and up-gradation of existing refineries help the government’s efforts to reduce reliance on refined product imports by adding new refining capacities (using modular and large refinery complexes). However, a lack of investment is expected to restrain the market during the forecast period.
Key HighlightsThe petrol station market in Nigeria is fragmented. The petrol/filling stations in the country are operated by independent petroleum marketers, major oil marketers, and NNPC (NNPC franchise and NNPC Mega). Some of the key players involved in the market include TotalEnergies SE, National Nigerian Petroleum Corporation (NNPC), Sharon Group Nigeria, Oando PLC, and MRS Holdings Ltd.
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