Oil and Gas Outlook 2024

Our 2022 Oil and Gas Wrap-up Report spotlighted the Nigeria Energy Transition Plan (ETP). We identified its ambitious objectives for Nigeria to attain universal energy access by 2030, and a carbon-neutral economy by 2060.

Throughout 2023, President Bola Tinubu-led administration has kept the pace of Nigeria’s energy transition journey. Ambitious policy reforms such as the removal of petrol subsidy, the launch of the Presidential Compressed Natural Gas Initiative as well as strategic partnerships with state parties and corporate entities alike aimed at securing a sustainable energy future for Nigeria. These strategic partnerships were a recurring theme at COP28.

Our Oil and Gas Report 2023 invites you on a journey to unravel the events that shaped the Nigeria oil and gas industry for the past year, and brings to the fore the outlook for the year ahead, as we anticipate the unfolding narratives that will chart the course.

Against the backdrop of a presidential election in February 2023, the ascension of President Bola Ahmed Tinubu ushered in significant changes, notably the removal of subsidies that reverberated across the entire sector. Concurrently, a grand milestone unfolded with the completion and inauguration of the Dangote Refinery—boasting a global record capacity of 650,000 barrels per day as the largest single-train refinery.

This report aims to engage and inform you about the impactful activities that unfolded, setting the stage for what promises to be an intriguing year ahead.


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