Nigeria is the largest oil producer in Africa and the sixth-largest producer globally. The sector is the backbone of Nigeria’s economy, accounting for about 70% of government revenue and 90% of export earnings. However, the sector is highly dependent on fluctuations in global oil prices and is susceptible to geopolitical risks. There are opportunities for investment in upstream and downstream activities, including exploration, production, gas monetization, refinery development, renewable energy, and distribution. Nigeria’s oil and gas trade value is significant, with exports of crude oil, natural gas, and petroleum products accounting for over 90% of total exports. The country has a competitive advantage in the sector due to its abundant oil reserves, a well-developed infrastructure, and skilled labor force.
Shared value in this sector includes the creation of employment opportunities and the provision of energy for domestic and international markets. Competitive advantage in this sector includes abundant natural resources and established infrastructure.