Nigeria’s position in the global gas industry could become increasingly important as global demand for natural gas is projected to rise by 31 per cent to 5.4 trillion cubic metres by 2055.
This becomes key with Africa expected among the regions to drive future growth.
The projection comes as Nigeria’s Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, presides over the 28th Ministerial Meeting of the Gas Exporting Countries Forum (GECF) in Moscow, Russia, ahead of the forum’s eighth summit of heads of state and government.
The GECF’s Global Gas Outlook 2055 projects that global gas demand will increase from 4.14 trillion cubic metres in 2024 to 5.42 trillion cubic metres by 2055, reflecting the growing role of natural gas in electricity generation and other energy uses.
The outlook also identifies Africa, Asia-Pacific and the Middle East as important sources of future demand growth, creating potential opportunities for gas-producing countries capable of expanding production and delivering supplies to market.
For Nigeria, which holds substantial natural gas resources, the projected growth presents an opportunity to expand gas exports, attract investment and increase the contribution of the sector to government revenue.
However, taking advantage of the opportunity will depend on investment in gas production, processing, transportation and export infrastructure.
The GECF outlook estimates that the global gas industry will require about $11.6 trillion in upstream investment and a further $735 billion in midstream investment by 2055 to meet future demand.
The scale of the projected investment highlights the importance of financing new production, replacing output from declining fields and developing infrastructure to move gas from reserves to consumers.
Nigeria has identified gas as a major component of its energy and industrial development plans, but the ability to monetise its resources depends on the pace of project development and the availability of infrastructure.
Ekpo’s participation in the Moscow meeting comes as member countries consider global gas market developments, supply security, investment and cooperation among producing nations.
The meeting is also expected to consider the GECF’s 2026 annual gas market report and its long-term outlook, alongside a review of commitments under the Algiers Declaration adopted at the forum’s 2024 summit.
Nigeria will also be represented at the leaders’ summit by Vice-President Kashim Shettima, who is expected to attend the October 27 gathering alongside industry representatives, including UTM FLNG chief executive Julius Rone.
The summit provides an opportunity for participating countries to discuss the challenges facing gas producers and the investment needed to meet future demand.
For Nigeria, the key issue is how to translate its gas resources and participation in international energy cooperation into greater production, expanded export capacity and increased economic value.
