Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Nigeria to attract $48.4 billion out of Africa’s $194 billion oil and gas investments

Damilare FamuyiwabyDamilare Famuyiwa
4 years ago
in Business News, Politics
DAPPMAN highlights critical role of warehousing and logistics in growth of downstream sector, Oil, Oil prices slump from 5 week high over lockdown concerns
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s oil and gas sector is expected to attract $48.4 billion (about N17.29 trillion) out of the industry’s $194 billion (about N69.84 trillion) capital investment flow into Africa by 2025.

Dr. Maikanti Baru, the outgoing Group Managing Director of the state-owned Nigerian National Petroleum Corporation (NNPC), made this disclosure while addressing the 2019 Nigerian Oil and Gas Conference and Exhibition (NOG) in Abuja.

According to Maikanti Baru, Nigeria is a leading player in Africa’s oil and gas industry. Little wonder the country is expecting to attract such huge amount as the rest of the continent share the remaining balance.

NNPC, Dr. Maikanti Baru, Nigeria to attract oil and gas investments
Group Managing Director, NNPC, Dr. Maikanti Baru

He said, “The nation’s energy outlook appears very positive despite the difficult operating and economic headwinds across the continent.

It is also significant to state that out of about $194 billion surge in capital expenditure coming into oil and gas development on the African continent from 2018 to 2025, Nigeria currently accounts for 48.04 billion dollars (over 24.8%) with other African countries sharing the balance.

For Nigeria, therefore, oil and gas remain essential building blocks for our economic growth, particularly as a developing country.”

[READ MORE: Official: Nigeria’s oil and gas export sales hit $490.03 million in February]

Factors that will attract the investments: Having noted that Nigeria remains a major oil and gas investments destination in Africa (attracting over 24.8 percent of total foreign direct investments coming into the continent), Baru emphasised that the country’s oil industry is replete with massive investment opportunities.

“Nigeria holds about 2.2 per cent of global oil reserves. Our crude oil reserves have grown steadily from about 22 billion barrels in 1999 to 37.5billion barrels in 2018. Nigeria is home to the second largest crude oil reserves in Africa after Libya. Our crude oil production currently hovers around 2.2 -2.3 million barrels of oil per day (bopd). This was bolstered by the coming on stream of the Egina Field in December 2018 and which has currently ramped up to 200,000bopd.”

[READ ALSO: Nigeria needs N36 trillion investment to achieve stable power supply]

Talking about gas, Baru noted that Nigeria has the 9th largest gas reserves in the world with estimated and probable gas reserves of 201 trillion cubic feet (Tcf) and an upside potential of about of 600Tcf.

“In terms of gas production and utilization, Nigeria averages about 8.4bscfd. While only 18% of the production is consumed in the domestic market (Power, Industries and WAGP), 43% is exported as LNG, 32% is re-injected for enhanced oil recovery and other operational uses like fuel gas while 7% of total gas production is currently being flared.”

Note that more investments into the Nigerian oil and gas sector will potentially increase yields/returns on investments which, altogether, is a good thing for the Nigerian economy.

[READ THIS: Julius Berger tells investors there’re no plans for a rights issue at the moment ]

Related

Tags: Dr. Maikanti BaruNigerian Business NewsNNPCOIl and Gas NewsOn the Money

Leave a Reply Cancel reply

Press one
hfm
Mega Millions
fidelity banner
SME
HFM
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Denmark makes work permit, residency easier for foreign workers, startup founders, students
  • Chemical and Allied Products Plc reports 112% post-tax profit increase for period ended December 2022
  • Get mortgage and business loans with Polaris Select Plus account in 2 Steps

Follow us on social media:

Recent News

Denmark makes work permit, residency easier for foreign workers, startup founders, students

Denmark makes work permit, residency easier for foreign workers, startup founders, students

March 30, 2023
Chemical and Allied Products Plc reports 112% post-tax profit increase for period ended December 2022

Chemical and Allied Products Plc reports 112% post-tax profit increase for period ended December 2022

March 30, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections

© 2023 Nairametrics

error: Alert: Content selection is disabled!!