Global Gas Marketing Dynamics and the Nigerian Economy

Abstract

Nigeria, a member of OPEC since1971, boasts of substantial crude oil reserve of 37.1 billion barrels at the start of 2023, with a production capacity of 2.5million barrels per day. The country heavily relies on crude oil production as a cornerstone of its economy, constituting a significant source of foreign exchange. The study examined the impact of global gas marketing dynamics on the Nigeria economy. The study employed the use of descriptive statistics while hypothesis were tested using t-test statistical tool, cronbach’s alpha coefficient test. Twenty (24) copies each of the structured questionnaires was distributed to three (3) gas marketing firms namely; Haris Gas, NNPC Gas, Jezco Gas and two SME’S respectively and twenty (24) copies each making a total of one-twenty (120) copies. The finding shows that global gas marketing has significantly improved the Nigeria economy, indicating that domestic gas market and export gas market have significant positive effect on the economic growth of Nigeria. The researcher recommended building a solid infrastructure for the storing, distribution and transportation of gas must be Nigeria's top priority while focusing on leveraging natural gas resources to drive economic growth. The government should make the gas pricing regime conducive for companies intending to go into gas exploration. This is to ensure gas is able to compete healthily with other alternative sources of energy.