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Energy Report Nigeria

  • ID: 2766738
  • Report
  • February 2020
  • Region: Nigeria
  • 17 Pages
  • The Economist Intelligence Unit
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The Economist Intelligence Unit estimates that in 2019 Nigeria consumed just over 162m tonnes oil equivalent (toe) of energy. We expect this to increase steadily, to about 185m toe in 2029. Demand for electricity outweighs supply, contributing to regular blackouts, and a high proportion of the population does not have adequate access to the grid.

The hydrocarbons sector plays a dominant role in the Nigerian economy. In the first nine months of 2019, crude oil exports accounted for 88% of total export earnings. Oil revenue also constitutes a sizeable proportion of government income, accounting for 55% of federal government receipts in January-November 2019.

According to the OPEC Monthly Oil Market Report, in 2019 Nigeria's crude oil production increased by 7.3% to an average of 1.72m barrels/day (b/d), boosted by output from the new 200,000-b/d Egina project. However, owing to a failure to hold licencing rounds for new fields in recent years, we expect oil production to increase only marginally over the 2020-29 forecast period.

Industry List: Coal, Energy, Electricity, Energy, Energy, Energy, Energy policy, Energy, Nuclear, Energy, Oil and gas, Energy, Renewables, Energy, Risk and return
Industry Codes (NAIC): 22;22;336
Industry Codes (SIC): 37;49;49
Note: Product cover images may vary from those shown
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Energy Report Nigeria

Energy report: Overview

Energy report: Energy policy

Energy report: Oil and gas

Energy report: Electricity

Energy report: Coal

Energy report: Nuclear

Energy report: Renewable energy

Energy report: Risk and return
Note: Product cover images may vary from those shown
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