Business

Nigeria’s oil, gas reserves hit 37bn barrels, 215 TCF — NUPRC

Published

7 months ago

April 1, 2026

Nigerian Upstream Petroleum Regulatory Commission NUPRC.jpg

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says Nigeria’s total oil and condensate reserves stood at 37.01 billion barrels as of 1 January 2026, while gas reserves rose to 215.19 trillion cubic feet (TCF).

The figures were disclosed in a statement issued on Wednesday and signed by the commission’s Chief Executive, Oritsemeyiwa Eyesan.

According to the declaration, made in line with the Petroleum Industry Act (PIA) 2021, crude oil reserves were estimated at 31.09 billion barrels, while condensate reserves stood at 5.92 billion barrels.

For gas, associated gas reserves were put at 100.21 TCF, while non-associated gas reserves stood at 114.98 TCF.

The commission also placed the reserves life index at 59 years for oil and 85 years for gas, indicating how long the resources could last at current production levels.

Mrs Eyesan said oil and condensate reserves recorded a marginal decline of 0.74 per cent compared to the previous year, attributing the drop to 2025 production and updates based on field performance and subsurface technical evaluations.

In contrast, gas reserves increased by 2.21 per cent, largely driven by discoveries and improved reservoir studies.

She said the latest figures reflect the commission’s efforts to enhance upstream sector performance, boost reserves growth, and ensure stable production in line with its mandate.

“Consequently… I hereby declare the Total Oil and Condensate reserves of 37.01 billion barrels and Total Gas reserves of 215.19 trillion cubic feet as the official National Petroleum Reserves Position as of 1st January 2026,” Mrs Eyesan said.

She added that the declaration was made pursuant to provisions of the PIA, which empower the commission to monitor and manage Nigeria’s petroleum resources.

The update comes amid ongoing reforms in the oil and gas sector aimed at improving efficiency, transparency, and long-term sustainability.

READ ALSO: Senate clears Magnus Abe as NUPRC board chair, confirms two others

In recent months, the federal government has intensified efforts to attract both local and foreign investment to boost revenue and support economic growth.

Last month, President Bola Tinubu approved a targeted fiscal incentive package to unlock the long-awaited Final Investment Decision (FID) for the Bonga Southwest Aparo (BSWA) deepwater project.

The approval followed a visit by top executives of Shell Plc to the president in Abuja and comes amid rising global oil prices driven by supply disruptions linked to ongoing geopolitical tensions.

During the January visit, Shell signalled a renewed investment push in Nigeria, citing improved political stability, policy consistency, and leadership as key factors.

At the time, Shell’s Chief Executive Officer, Wael Sawan, said: “We are very keen to invest in Nigeria, but I would say this has not always been the case.”

Business

REA Ends 16 Years of Darkness in Two Kano Communities

Published

8 hours ago

October 25, 2026

PlateauReports

BY GABRIEL MICHEAL—The Rural Electrification Agency (REA) has again advanced its goal of deepening electricity access across the country with the commissioning of two mini-grid projects in Kano State after over sixteen years of darkness.

The agency commissioned two projects comprising a 195kWp system in Ballagaza and a 70kWp system in Marayar Rogo, located in Warawa, which will serve 2,222 households ending over sixteen years of darkness.

Speaking at the ceremony, the Managing Director of REA, Abba Aliyu, described the project as another step toward achieving the Renewed Hope Agenda’s goal of electrifying over 17 million Nigerians.

He described the project as a strong example of what public-private partnerships can achieve.

He also thanked the Kano State Governor, Abba Kabir Yusuf for identifying electricity as a key deliverable of his administration and for providing a conducive environment for the execution of the project.

“The Federal Government did not build these mini-grids and hand them over. Alfuttaim Nigeria Limited invested its own money, built them, and will own and operate them for many years. What the government did, through the DARES programme delivered by the REA with support from the World Bank, was to subsidize part of the cost to ensure the electricity is affordable for you.”

“Under DARES, Nigeria is working toward 1,350 mini-grids, and the programme has already brought new or improved electricity to more than five million Nigerians. Our country still has more people without electricity than any other nation in the world. That challenge will not be solved by a single agency or programme; it will be solved community by community, in places like Ballagaza and Marayar Rogo, when private companies are willing to invest and communities take ownership of what is built for them. The government’s job is to keep its word to both,” he said.

The Gabazawa community which is known for groundnuts, millet, sorghum, and soya, as well as its blacksmiths, weavers, and dyers, will experience advanced production, allowing groundnuts to be pressed into oil and kuli-kuli using electric machines and sold at a better price.

The mini-grid project will also serve the primary healthcare centre in the Gabazawa community, which has previously been without power.

In her remarks at the event, the Co-founder of Alfuttaim, Dr. Nabilah Sani, expressed delight at the completion of the project, noting that it will not only power homes but also boost agricultural productivity.

She thanked the Federal Government for facilitating the funding that brought the project to fruition while noting that these are just two of ten sites currently under development in Kano.

She further urged residents of the community to protect the infrastructure as their own and shun vandalism.

The post REA Ends 16 Years of Darkness in Two Kano Communities appeared first on Business Today NG.

Business

CBN grants JP Morgan approval-in-principle to set up merchant bank

Published

16 hours ago

October 24, 2026

PlateauReports

The Central Bank of Nigeria (CBN) has granted approval-in-principle to JP Morgan to set up a merchant in the country.

The move eases the path for the US largest bank to expand its services – payments, lending, trade finance and corporate banking – in Nigeria, where it has operated a representative office for years.

JP Morgan Merchant Bank Nigeria Limited plans to run wholesale banking, capital markets and advisory services, Michael Akuka, the CBN’s director of corporate communications and investor relations, said in a statement on Friday.

The approval-in-principle is the first phase of the licensing process, and does not translate into an ultimate banking permit.

JP Morgan needs to clear further regulatory hurdles such as incorporation with the Corporate Affairs Commission and operational approvals before it can commence operations, the regulator stated.

The push comes amidst hordes of banking sector reforms in Africa’s most populous country, aimed at bolstering the financial system, enhancing market confidence and boosting resilience.

According to the statement, the CBN also approved the nomination of Adedapo Olagunju as the managing director of the bank and Latter Kevin George, Nzelu Chinedum Izunwanne and Syed Gabriel Murtaza as non-executive directors.

“Our objective is to build a financial system that is stable, competitive and internationally connected, one that commands confidence and can effectively support investment and economic growth,” said CBN Governor Olayemi Cardoso.

READ ALSO: CBN outlines market infrastructure supporting Nigeria–China financial flows at Beijing investor forum

“We are encouraged by the growing interest of international financial institutions in Nigeria. Our focus remains on sustaining the reforms, strengthening the credibility of our markets and creating an environment in which both domestic and international institutions can participate and thrive,” he added.

On Tuesday, Bloomberg, citing sources with knowledge of the deal, reported that JP Morgan was on course to secure a banking licence in the country after depositing N50 billion ($38 million) with the CBN.

It noted that the bank hopes to receive the licence by year-end or in early 2027, provided it is able to obtain all the requisite approvals

P Morgan’s presence in Nigeria dates back to 1961, when Chase Manhattan Bank, which later evolved into JP Morgan Chase & Co., opened a branch in Lagos, providing a wide range of commercial banking services to local businesses and individuals.

A year earlier, Chase International Investment Corporation, a unit of Chase Manhattan Bank, served as the lead partner in organising Nigerian Textile Mills in Lagos, regarded as the first major private industrial project with an American interest in Nigeria.