Nigeria’s Gas Output Climbs 2.9% In November 2024 Amid Oil Sector Dominance

Nigeria’s gas production rose by 2.9% to 226,747.05 MSCF in November 2024. Local consumption increased by 1.6%, while exports climbed 6.9%, according to the latest NUPRC report.

Nigeria experienced a 2.9% month-on-month (MoM) increase in gas production, reaching 226,747.05 million standard cubic feet (MSCF) in November 2024, up from 220,396.45 MSCF recorded in October 2024.

On a year-on-year (YoY) basis, the nation’s gas output showed a slight growth of 0.02%, totaling 2,292,951 MSCF between January and November 2024, compared to 2,292,471 MSCF produced during the same period in 2023.

Of the total gas produced in 2024, approximately 606,658 MSCF was consumed domestically, marking a 1.6% increase compared to the 596,861 MSCF consumed in the previous year. Additionally, 829,156 MSCF was exported, reflecting a 6.9% rise from the 775,547 MSCF exported in the same period of 2023. This export growth has contributed significantly to Nigeria’s foreign exchange earnings, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The Ministry of Petroleum Resources (Gas) remained silent on the latest production figures, but industry experts noted that oil continues to dominate Nigeria’s energy sector compared to gas.

Meanwhile, Nigeria’s oil production, including condensates, surged by 13.3% year-on-year (YoY) to 1.7 million barrels per day (bpd) in November 2024, compared to 1.5 million bpd in the same month of 2023. On a MoM basis, oil output also increased by 10% from October’s 1.5 million bpd.

Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprises (CPPE), highlighted the continued dominance of the non-oil sector in Nigeria’s economy. In his 2025 economic outlook, he noted that the non-oil sector contributed 94.43% of the country’s GDP in Q3 2024, while the oil sector accounted for just 5.57%.

However, he pointed out a critical structural issue: despite its lower GDP contribution, the oil sector generates approximately 90% of Nigeria’s foreign exchange earnings, while the non-oil sector, with its higher GDP share, contributes only about 10%. Yusuf emphasized the need to address this imbalance for a more sustainable economic structure.