Nigeria’s oil and gas production may see a 33 per cent rise from an average of 2.35 million barrels per day (mbppd) to a new high of 3.13mbpd by 2030. This is according to a report released recently.
The report from the McKinsey Global Institute (MGI) states very clearly that the natural gas output in Nigeria could also grow by as much as six percent annually. It also pointed out that the oil and gas industry currently accounts for 75 per cent of the country’s revenue, and up to 95 per cent of dollar earnings.
The new data reveals Nigeria as having a more diverse economy than formerly understood. Agriculture and trade are larger and faster-growing than the oil exports. The nation’s rich oil reserves is a critical source of government income and exports but the entire resources sector today is only 14 per cent of GDP.
The report labeled “Nigeria’s renewal: Delivering inclusive growth in Africa’s largest economy” projects that Nigeria could join the world’s leading economies by 2030 if it adopts the right reforms and investments.