The Nigerian National Petroleum Company Limited (NNPC Ltd.) has expressed concern over the prolonged delay in the exploitation of the country’s vast oil reserves, warning that the stagnation could undermine national revenue targets and future energy security.
Speaking at an industry forum, NNPC officials stressed that Nigeria’s proven reserves estimated at over 37 billion barrels remain largely underdeveloped due to a combination of regulatory bottlenecks, funding gaps, and security challenges in oil-producing areas.
They warned that without urgent investment in exploration and field development, the nation risks losing out on potential earnings, especially as global energy markets shift and competition for capital intensifies.
The NNPC also called for stronger collaboration between government agencies, international oil companies (IOCs), and indigenous operators to fast-track stalled projects, ensure compliance with the Petroleum Industry Act (PIA), and create incentives to attract fresh exploration funding.
Industry analysts say unlocking these reserves could significantly boost Nigeria’s foreign exchange inflows, create jobs, and solidify the country’s position as Africa’s leading oil producer.
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