A new industry report has revealed that Nigeria is sitting on untapped oil reserves valued at an estimated N341 trillion, trapped in undeveloped fields across the country.
The report highlights that despite being Africa’s largest crude producer, Nigeria continues to grapple with declining investments, regulatory bottlenecks, and security concerns that have stalled the development of these assets.
Analysts warn that if left undeveloped, these reserves may lose significant value amid the global energy transition, where demand for fossil fuels is projected to shrink in the coming decades.
The report also underscores that with strategic investments and improved governance, unlocking these reserves could boost Nigeria’s foreign exchange earnings, strengthen the naira, and create jobs across the oil-producing regions.
Energy experts are now urging the federal government and the Nigerian National Petroleum Company Limited (NNPC) to prioritize policies that would attract both local and foreign investors to these dormant fields.
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