Nigeria earned an amount of 622 billion naira from exporting Liquified Natural Gas (LNG) in the first quarter of 2023.
The country's natural gas witnessed a decline in production reaching 40.4 billion cubic in 2022. Nigeria also faced the lowest LNG export volume in the past 10 years amounting to only 19.6 bcm.
The Nigerian Liquified Natural Gas is a joint venture company between NNPC, Shell, Total Energies and Eni responsible for the export of LNG to the international market.
With various LNG terminals located in different states in Nigeria, NNPC has the largest share of terminals with 49% ownership, while the likes of Shell, Total Energies and Eni have 26%, 15% and 10% respectively.
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