Natural gas and economic growth in Nigeria

Adedoyin Isola Lawal

Chapter 86 in Elgar Encyclopedia of Energy Economics, 2025, pp 342-345 from Edward Elgar Publishing

Abstract: The essence of this entry is to examine the potential of natural gas in advancing economic growth, improving government revenue, providing job opportunities, and attracting foreign exchange earnings in Nigeria. Natural gas is a safer form of energy with minimal carbon emission potential and is becoming a major alternative energy source globally. It is rich in electricity power generation, and thus key to supporting the industrial sector. Nigeria is a pro-growth economy and is in dire need of raising revenue to support its growth initiatives; hence, natural gas serves as a low-hanging fruit. Evidence suggests that the proven reserve of natural gas is in abundant supply, hovering around 209 trillion cubic feet (Tcf). The current domestic consumption is at 3,149 cubic feet per capita, suggesting that at the current consumption rate, Nigeria can live on natural gas for the next 300 years. Nigeria's daily output is two-thirds of Russia's daily output, and the latter makes a daily income of one billion US dollars from natural gas, suggesting that Nigeria has the potential to generate about six hundred million dollars daily from natural gas alone.

Keywords: Natural Gas; Energy; Economic Growth; Revenue Generation; Carbon Emission; Nigeria (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035310364
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