Nigeria LNG Market Share Drops to 5%, Urgent Action Needed

Nigeria LNG Limited (NLNG) has issued a warning regarding Nigeria's declining position in the global liquefied natural gas (LNG) market, with its market share decreasing from six percent to five percent. Managing Director and Chief Executive Officer, Adeleye Falade, stated that without immediate action to tackle feedstock supply challenges and enhance processing capacity, Nigeria's share could plummet to as low as two percent.

During the NLNG Facts & Figures Presentation in Lagos, Falade highlighted that Nigeria possesses 215.19 trillion cubic feet (TCF) of proven gas reserves, with an additional 600 TCF yet to be proven, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). However, Nigeria's liquefaction capacity is currently limited to 22 million tons per annum (MTPA) at NLNG's Bonny Island facility.

Falade compared Nigeria's situation unfavorably with countries like Australia and Malaysia, which have significantly higher processing capacities. He emphasized the urgent need for Nigeria to scale up its LNG production to avoid losing billions in export earnings and foreign investment.