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Nigeria Economic Report, November 2015

NATURAL GAS SECTOR GAS PIPELINE PETROLEUM RESOURCES NATURAL GAS USE FUEL SHORTAGE FUEL GAS REFINING POWER SECTORS GAS PRICING POLICIES OIL PRICE GAS SUPPLY CHAIN PRICE FOR NATURAL GAS PIPELINES ASSOCIATED GAS DOWNSTREAM GAS SECTOR DOMESTIC GAS GAS RESERVES MINISTRY OF PETROLEUM RESOURCES VEHICLES ACTIVITIES MARGINAL COST GENERATION OIL OUTPUT MILLION BARRELS COST OF ELECTRICITY BALANCE OF PAYMENTS GAS PRICES OIL REVENUES PIPELINE TRANSPORTATION PETROLEUM LEGISLATION GAS PRICE GAS FIELD DOMESTIC OIL MARGINAL COST OF ELECTRICITY OIL PRODUCTION GAS CONSUMPTION GAS LEGISLATION FISCAL TERMS DOWNSTREAM GAS GAS PRICING ELECTRIC UTILITIES GENERATION CAPACITY PETROLEUM OIL PRICES LNG NATURAL GAS PRICES GAS REGULATOR GAS SECTOR REGULATION OIL POWER GENERATION NATURAL GAS PRODUCTION POWER SECTOR GAS DEVELOPMENT OIL RECOVERY OIL COMPANIES GAS PRODUCTION DISTRIBUTION OF OIL TAX EXEMPTIONS CRUDE OIL PRODUCTION DEMAND FOR GAS WATER PRIVATE INVESTMENT GAS SUPPLIERS CRUDE OIL PRICES OIL AND GAS DOMESTIC DEBT GAS PRODUCERS TAX REVENUES FUEL DEMAND GROSS DOMESTIC PRODUCT FUEL CONSUMPTION GAS TRANSPORTATION POWER PRODUCERS GAS SECTOR REFORM HIGHER OIL PRICES GAS SECTORS FISCAL REGIME PETROL STATIONS GAS PROJECTS NATURAL GAS RESERVES OIL MARKET THERMAL EFFICIENCY NATURAL GAS LIQUIDS BALANCE GAS PIPELINES INTERNATIONAL OIL COMPANIES GAS TRANSMISSION UTILITIES GAS USE POWER ELECTRICITY GAS FLARING NATURAL GAS SALES GAS SUPPLY LIQUIFIED NATURAL GAS PETROLEUM CORPORATION ELECTRICITY GENERATION OIL AND GAS SECTOR CAPITAL FLOWS PETROLEUM GAS FUEL PRICES NATURAL GAS DEVELOPMENT PRIVATE SECTOR OIL REFINING CONSUMPTION OF ENERGY FOREIGN EXCHANGE GAS PURCHASES GAS COMPANY WORLD MARKET PRICES BARREL TAX REVENUE ENERGY EFFICIENCY GAS MARKET MINISTRY OF PETROLEUM NATURAL GAS GAS CONSUMERS PRICE OF GAS GAS INDUSTRY GAS SECTOR POLICY INVESTMENT GAS OPERATIONS DOMESTIC ENERGY TARIFF FUEL CRUDE OIL AVERAGE OIL PRICE ASSOCIATED GAS PRODUCTION GAS SECTOR PIPELINE NETWORK INVESTMENTS GAS SHORTAGES LIQUEFIED PETROLEUM GAS CYCLE GENERATION TRANSMISSION COMPANY ECONOMIC REGULATION DIESEL KEROSENE CRUDE PRICES PIPELINE PETROL PRICES OIL SECTOR GAS DISTRIBUTION POWER PLANT ENERGY GAS SALES NATURAL GAS PRICING
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World Bank, Washington, DC
Africa | Nigeria
2016-01-07T16:35:07Z | 2016-01-07T16:35:07Z | 2015-11

The Nigeria Economic Report (NER) is a regular publication of the World Bank. Each edition provides an overview of recent macroeconomic developments and devotes special attention to a topic of particular relevance or urgency. In this edition the macroeconomic overview is followed by both a detailed analysis of the country’s fuel subsidy and an assessment of the current state and economic potential of its natural gas sector. 2015 has been a momentous year for Nigeria. The general elections held in March brought about the first democratic transition of power from a ruling party to an opposition party, heightening expectations for meaningful political change. The new Government is taking power during a very challenging time, however, marked by a sharp decline in global oil prices and continuing violence in the country’s northeast. This creates a difficult context for realizing the new administration’s ambitious reform agenda for job creation, the power sector, oil and gas, agriculture, and public administration. Chapter two of the report analyzes the costs and benefits of Nigeria’s fuel subsidy, including their implications for low-income households. Fuel subsidy costs are expected to amount to 18 percent of government oil revenues in 2015, and this share could increase to more than 30 percent by 2018 even if oil prices remain low. There is a general consensus that increasing the supply of power in Nigeria is critical to the future development of the country. The success of the current plans to boost generation capacity will hinge on the development of the natural gas sector. Nigeria is endowed with substantial natural gas reserves, but major reforms will be necessary to attract the investment necessary to harness the potential of the natural gas sector to supply the domestic energy market. Chapter three of this report summarizes the current regulatory situation in the natural gas sector and outlines potential avenues for reform.

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