Portugal is actively seeking to diversify its energy sources by increasing imports of liquefied natural gas (LNG) from Nigeria and the United States. This strategic move aims to reduce the country's reliance on Russian gas, particularly in light of the ongoing geopolitical tensions following the invasion of Ukraine in February 2022. Environment Minister Maria da Graca Carvalho announced these plans at the World Economic Forum on January 22, 2025, emphasizing the need for energy security and sustainability [0505e2b7].
In 2024, Portugal imported a total of 49,141 gigawatt-hours of natural gas, with a staggering 96% of this being LNG. Notably, Nigeria was the largest supplier, providing 51% of the LNG, while the US accounted for 40%. In contrast, Russian gas made up only 4.4% of Portugal's imports, a significant decline from 15% in 2021 [0505e2b7]. This shift underscores the impact of EU sanctions aimed at Russian oil and gas, which have reshaped the energy landscape in Europe [0505e2b7].
However, the implications of these changes extend beyond energy security. Nigeria's economy, heavily reliant on oil for 90% of its revenue, faces potential threats from shifts in global energy policy, particularly under the influence of the previous Trump administration's energy strategies. Nigeria's 2025 budget is predicated on an oil price of $75 per barrel, and any decline in oil prices could lead to increased borrowing and fiscal instability [0505e2b7].
As Portugal moves forward with its plans to enhance LNG imports from Nigeria and the US, the interplay between energy policy and economic stability in both countries will be critical. The evolving energy dynamics not only reflect Portugal's commitment to reducing its dependence on Russian gas but also highlight the broader challenges faced by nations like Nigeria in an increasingly competitive global energy market [0505e2b7].