INTRODUCTION
In our 2024 Mid-Year and End-of-Year Report, we highlighted key infrastructural development, emerging investments, and regulatory reforms in accelerating Nigeria's energy transition, particularly following the Federal Government's declaration of the Decade of Gas initiative. We tracked the progress of strategic projects, policy interventions, and state-run refinery rehabilitation efforts, while also highlighting projections for Nigeria's gas sector.
As of this mid-year, Nigeria has achieved its natural gas reserve target of 210 trillion cubic feet and maintains a crude oil reserve base of 37.28 billion barrels. The country has less than five years remaining to actualise the "Decade of Gas" vision, of positioning Nigeria as a gas-powered economy by 2030, and realise its production target of 2.7 million barrels of crude oil per day by 2027.
With increased infrastructural development, strategic upstream divestments that are strengthening indigenous participation, and a suite of policy reforms and fiscal incentives, Nigeria stands at a critical point in the transformation of its oil and gas industry. The sector is concurrently laying the foundation for a gas-powered economy while optimising value extraction from its existing fossil fuels.
This Report highlights ongoing developments within the broader strategic need of ensuring long-term energy security and alignment with global decarbonisation commitments and provides an overview of key milestones recorded in the first half of 2025, focusing on key infrastructural progress, recent events in the sector and forward-looking projections for 2025 and beyond.
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