The liquefied natural gas (LNG) export from Nigeria has exhibited fluctuations over the past decade. From 2013 to 2023, the export volumes fluctuated significantly with notable peaks and troughs. The year 2023 saw a considerable year-on-year increase of 37.55%, bringing the export volume to 26.95 Billion Cubic Meters (BCM). The last two years showed a sharp recovery from a notable decline in 2022. However, over the last five years up to 2023, the average annual growth rate (CAGR) was -0.64%, indicating an overall slight contraction in export volumes.
Looking forward, the forecasted data for the period from 2024 to 2028 suggests stability in export volumes with a slight average annual growth (CAGR) of 0.2%. By 2028, the LNG export volume is expected to reach 27.32 BCM.
Future trends to watch for include potential changes in global LNG demand, impacts of new infrastructure developments within Nigeria, and geopolitical factors that may affect global energy markets. Additionally, tracking advancements in renewable energy sources and their adoption rates will be crucial in understanding the future landscape of LNG exports.
