Nigeria Holds 33% Of Africa’s Gas Reserves - FGN

The Federal Government has stated that Nigeria possesses 33% of Africa's total gas reserves. Adding to it,  the Nigerian Upstream Petroleum Regulatory Commission revealed that Nigeria's gas reserves may last for 94 years.

Gbenga Komolafe, Chief Executive Officer of NUPRC, made the announcement in Abuja at the Nigerian Association for Energy Economics 16th Annual International Conference, with the topic "Energy Evolution, Transition, and Reform: Prospects for African Economies."

He also emphasized that oil and gas will continue to provide energy security for Nigeria's large population of almost 200 million people.

“With a reserve base of 36.97 billion barrels of oil and 208.83 trillion cubic feet of gas which represents 33 percent of Africa’s total gas reserves of 620TCF, Nigeria can be described as a gas-rich nation ranking number one in Africa in reserves with a life index of 94 years.

“This clearly presents Nigeria in a dominant position in the entire Africa gas market. Nigeria has the potential to ensure sustained supply of natural gas across the sub-Saharan region of Africa, if the necessary financing and infrastructure are in place.”

He remarked that the globe has watched the growth of numerous energy sources over the previous two centuries, from traditional biomass to coal, oil and gas, hydropower, wind, solar, blue hydrogen, and other renewable sources.

"However, today, oil and gas has remained the most dominant source in the energy mix," he said.

He stated that the global drive for decarbonization and focus on cleaner energies has created an opportunity for Africa to diversify its portfolio while utilizing its enormous oil and gas resources for energy security and economic growth.

Prof. Yinka Omorogbe, President of the Nigeria Association for Energy Economics, stated that the NAEE has continued to play an active role in developing professional competence in Nigeria's oil, gas , and power sectors.

According to her, the conference has over the years demonstrated the association's tenacity in pursuing its goals of providing a venue for the exchange of ideas and professional expertise in energy economics.