Natural Gas and the Naira Explained: Reserves, Power and Exports
16 October 2026 - Naira BriefingNigeria holds some of the world’s largest natural-gas reserves, used for power, industry, cooking gas and export. Gas earns and saves dollars, so it sits close to the heart of the naira story across our commodity prices.
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How it works
- Production — gas produced alongside and apart from oil.
- Domestic use — power, industry and cooking gas.
- Export — piped and as LNG, earning dollars.
Why the dollar matters
Gas exports earn hard currency like oil, and cheaper domestic gas could cut the dollar pressure from imported fuel — linking it to both oil and the naira and power costs. Pricing is dollar-referenced, so the exchange rate runs through it.
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