At an average benchmark of $65 per barrel, these reserves are worth about $227.5 billion.
The untapped reserves are worth more than 600% of Nigeria’s 2025 national budget (₦54.9 trillion).
If properly utilized, the estimated untapped wealth could support breakthrough initiatives throughout the country, including creating almost two million basic health centers at ₦150 million each, over five million blocks of two classrooms at ₦65 million each, or 413,000 kilometres of highways at ₦825 million each kilometre, as per analysis from The Punch.
The fiscal plan allocates ₦13.64 trillion for recurrent spending, ₦23.96 trillion for capital projects, ₦14.32 trillion for debt servicing, and ₦3.65 trillion for statutory transfers.
A deficit of ₦13.08 trillion is projected to be covered by domestic and external borrowing.
Nigeria’s untapped wealth
The NUPRC analysis revealed that the West African country has yet to produce 18.8 trillion cubic feet (TCF) of related and non-associated gas reserves.
A breakdown of the development status of deepwater oil and gas resources reveals a concerning level of underutilization.
According to the research, the majority of fields (31.65%) remain underdeveloped, with just 12.25% being developed.
Only 5.10% fit into the “development in view” category, suggesting that there are few projects in progress.
For deep offshore oil and condensate reserves, about 1.7 billion barrels, or 25%, are in established fields, with 1.5 billion barrels, or 23%, under development in the works.
However, a startling 52% remain underdeveloped.
As of January 1, 2025, Nigeria’s deepwater terrain accounted for around 19% of oil reserves and 12% of gas reserves.
However, data show that 65% of identified fields remain underdeveloped, while just 10% have been fully developed, leaving 25% with development in the works.
Nigeria’s total oil reserves are approximately 37.28 billion barrels, with gas reserves estimated at 210.54 trillion cubic feet.
The NUPRC further said that 220 unlicensed oil blocks are dispersed throughout onshore and offshore basins.
Only 4.7 TCF of gas reserves are officially “developed,” with an additional 877 billion cubic feet left in the development process.
