Nigeria's LNG Market Share Drops to 5%, CEO Warns of Further Decline

Nigeria's liquefied natural gas (LNG) market share has declined to 5% from 6%, according to Adeleye Falade, CEO of Nigeria LNG Limited. Falade attributes this decline to slow capacity growth compared to global competitors.

Falade noted that countries such as Australia and Malaysia have increased their processing capacities despite having lower gas reserves than Nigeria.

Nigeria has 209 trillion cubic feet of proven gas reserves but only a processing capacity of 22 million tonnes per annum, while Malaysia has a smaller reserve of 97 TCF with higher capacity. Falade stressed that the global shift towards cleaner energy sources has created a limited window for gas-producing countries to maximize their reserves.

Falade warned that unless Nigeria acts quickly, other countries will continue to capture its market share. He emphasized the importance of expansion and diversifying feedstock supply sources, citing NLNG's efforts with Train 7 and exploratory work on Trains 8, 9, and 10.