NEWS, OCTOBER 3 2023 | -- Nigeria’s Gas industry currently accounts for over 12.89% of the $504bn economy. Last year about 45bcm of gas was produced from one of Nigeria’s 160 petroleum fields, data accessible to the Naira Economist show.

Gas prices averaged $1.45 per cubic meter in 2022 or $65bn for the overall industry. Of the 45 bcm produced, 18 bcm were domestically consumed with the rest assumed sold off in LNG exports or to Gas power companies. Nigeria has a Gas-To-Liquids plant at Escravos, in Delta State.

The oil industry however failed to capitalise on the same momentum. Last year, oil prices averaged $85 per barrel and Nigeria produced about 1.14 million barrels per day on average ($35.4bn). The sector contributed 7.0% to the economy. This year, production has been fairly the same at 1.1 million barrels per day per average. The Bonny Light currently sells at $87 per barrel, and this has been the annual average. The overall production is so far quite the same. Oil production is projected at $34bn in output and 7%-8% of nominal overall economy.

Agriculture accounted for 22.9% last year at $115bn, services 53.4% and manufacturing 18.19%.

This year, the economy is projected to exceed N200T (in naira terms) by the National Bureau of Statistics.