The International Gas Union (IGU) reported that Nigeria’s Liquefied Natural Gas (LNG) export declined by 1.8 million metric tonnes (MT) in 2022 due to force majeure declarations caused by massive flooding during that period. Despite the setback, Nigeria remained the seventh-largest global LNG exporter in the same year, as per the 14th annual edition of the IGU World LNG report.
Australia ranked first among the top 20 global LNG exporters in 2022, exporting 80.9 MT during the year, followed closely by the United States with 80.5 MT and Qatar with 80.1 MT. Nigeria stood in seventh place with exports of 14.7 MT, while Russia, Malaysia, and Indonesia secured the fourth, fifth, and sixth positions with exports of 33 MT, 27.3 MT, and 15.7 MT, respectively.
The global LNG trade reached a record 401.5 MT in 2022, representing a 6.8% increase compared to 2021. The surge in LNG demand in Europe offset the declining pipeline flows from Russia, contributing to the overall increase in global LNG output. The top three exporters, Australia, the United States, and Qatar, accounted for 60% of the global LNG output in 2022.
Despite facing challenges from force majeure and flooding, Nigeria’s LNG industry demonstrated resilience by maintaining its position as a major global exporter. The growth in global LNG trade and the country’s seventh-place ranking highlight the importance of Nigeria’s LNG sector on the international stage. However, efforts should be made to address the factors that affected production in 2022 and implement measures to mitigate the impact of natural disasters on future exports.
