According to a new report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria has huge oil and gas wealth confined in underdeveloped fields across its basins, with over 3.5 billion barrels of oil and condensate reserves that have yet to be tapped.
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 2025 budget of Africa’s largest oil-producing nation shows a deficit of almost ₦13 trillion, illustrating the gap between borrowing demands and idle reserves. 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
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