Abstract
Nigeria, possessing Africa's largest natural gas reserves, has historically underutilized this resource, with its development often overshadowed by crude oil. However, the Nigerian gas market has undergone significant transformations following the enactment of the Petroleum Industry Act (PIA) 2021. This paper critically reviews the Nigerian gas market, examining the key challenges and prospects that characterized the pre-Petroleum Industry Act (PIA) 2021 era. It then analyzes the potential impact of the PIA 2021 on these dynamics, focusing on its provisions aimed at fostering gas development, infrastructure investment, and market liberalization. By synthesizing existing literature, policy documents, and industry reports, this conceptual analysis identifies potential opportunities and persistent hurdles in realizing the full potential of Nigeria's gas resources for domestic consumption, regional supply, and global export. The study highlights persistent issues such as gas flaring, inadequate infrastructure, and investment barriers while exploring the PIA’s potential to enhance market liberalization, attract foreign direct investment (FDI), and promote sustainable gas utilization. The findings suggest that while the PIA provides a robust legal framework, effective implementation, stakeholder collaboration, and policy consistency are crucial for optimizing Nigeria’s gas market potential. The paper concludes by offering insights into strategic considerations for stakeholders seeking to navigate the evolving landscape of the Nigerian gas market in the post-PIA era.

Key words: Nigerian Gas Market, Petroleum Industry Act 2021, Market Liberalization, Investment, Challenges &Prospects