Nigeria’s vast oil and gas reserves are set to meet the country’s energy needs for decades to come, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The Commission’s Chief Executive, Gbenga Komolafe, revealed that Nigeria’s crude oil reserve of 37.5 billion barrels and its natural gas reserve of 209.26 trillion cubic feet are expected to sustain the nation for the next 70 and 90 years, respectively.
Komolafe made this statement at the Decarbonisation and Energy Sustainability Forum in Abuja, highlighting the strategic importance of Nigeria’s energy resources. He also emphasized the need for a careful balance between energy security, economic growth, and environmental sustainability as the country navigates the global energy transition.
“We must leverage our vast hydrocarbon resources while embracing decarbonisation to ensure long-term sustainability and competitiveness,” Komolafe said. He reminded stakeholders of the critical role that the oil and gas sector plays in Nigeria’s economy, contributing nearly 90% of foreign exchange earnings and 70% of national revenues.
The NUPRC boss noted that global efforts to combat climate change, particularly since the Paris Agreement, have led to a shift towards low-carbon energy systems. As a result, many countries are adopting ambitious carbon neutrality targets, but this has also led to decreased investments in oil and gas. Despite this, Komolafe stressed the importance of a “just transition,” which considers the economic realities of different regions, including Nigeria.
He pointed to key global developments, such as commitments made at COP28 and COP29, where leaders pledged to triple renewable energy capacity by 2030. However, Komolafe argued that energy security remains paramount, citing the U.S. declaration of a national energy emergency for 2025. This aligns with Nigeria’s strategy of utilizing natural gas as a transitional fuel to ensure energy security while pursuing decarbonisation goals.
Komolafe also highlighted Nigeria’s initiatives toward decarbonisation, including the National Gas Policy of 2017, the National Gas Expansion Programme of 2021, and the Decade of Gas Initiative set to run until 2030. He further mentioned transformative measures such as the Petroleum Industry Act, the Presidential Compressed Natural Gas Initiative, and the Nigerian Gas Flare Commercialisation Programme, all of which aim to unlock new opportunities for growth.
The NUPRC’s commitment to a sustainable energy future is also reflected in the creation of the Energy Sustainability and Carbon Management department. The department is tasked with driving Nigeria’s decarbonisation agenda and attracting investment through initiatives focused on zero routine flaring, methane abatement, and technological innovation.
As Nigeria sets its sights on achieving net-zero emissions by 2060, Komolafe concluded by stressing that success will be measured not by intentions, but by real, measurable progress in cutting emissions, driving efficiency, and unlocking the full potential of carbon markets.
