Newscenter Media News In the last two years, Nigeria has achieved a remarkable production of at least five trillion standard cubic feet of natural gas, underscoring the country’s vital role in the global energy market and its potential for further economic growth in the energy sector.
A detailed analysis reveals that in 2022, Nigeria produced 2.521 trillion standard cubic feet, a decline from the 2.744 trillion standard cubic feet recorded in 2021. The gas sector’s production in 2023 totaled 2.491 trillion standard cubic feet, reflecting only a 1% decrease compared to 2022.
This data was presented in the latest independent report on the oil and gas industry by the Nigeria Extractive Industries Transparency Initiative (NEITI), which was released to the public in Abuja. The report was shared on Sunday by Chris Ochonu, Assistant Director of Communications & Stakeholders’ Management.
The NEITI report also highlighted that between 2019 and 2023, the highest gas production occurred in 2019, with 3.048 trillion standard cubic feet, while the lowest production of 2.491 trillion standard cubic feet was seen in 2023. This trend indicates an 82.73% increase in the country’s production capacity compared to the previous year.
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Regarding gas utilization, the report indicated that 137.36 billion standard cubic feet of gas was used as fuel in 2022, based on data from 32 gas companies.
On employment, NEITI found that 6,728 individuals were employed in the oil and gas sector during the reviewed period, with 83% of these positions held by men and only 17% by women. However, the sector’s contribution to Nigeria’s gross domestic product (GDP) has been on a steady decline, dropping from 7.32% to 4.34% in 2022, and further to 5.75% of Nigeria’s total GDP, which stood at ₦202.365 trillion (US$478.06 billion) in 2023. This decline is attributed to challenges such as insecurity, oil theft, and sabotage.
At the report presentation in Abuja, Mr. Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), warned industry players and relevant government agencies that non-compliance with the annual NEITI Industry Audit process could lead to serious consequences. “The current NEITI Report on the Oil and Gas sector is now with the Commission for further necessary action,” he stated.
Additionally, Hon. Ikenga Ugochinyere, Chairman of the House of Representatives Committee on Petroleum Downstream, announced that he has sponsored a private member bill to amend the NEITI Act of 2007 to better reflect current realities. He encouraged all stakeholders in the NEITI process to collaborate with his committee on this amendment.
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