Economy
NUPRC Unveils Roadmap to Unlock 55 TCF of Uncommitted Gas Reserves
By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled a comprehensive regulatory roadmap designed to unlock over 55 trillion cubic feet (TCF) of uncommitted gas reserves and attract billions of dollars in new investments into the nation’s gas value chain.
This is part of roadmap, which aligns with President Bola Tinubu’s economic diversification and energy transition priorities, announced at the 3rd Gas Investment Forum held in Lagos recently.
The road outlines key policy and regulatory measures targeted at driving gas development, monetisation, and infrastructure expansion across the country.
Speaking at the forum, the commission’s chief executive, Mr Gbenga Komolafe, represented by the Executive Commissioner for Development and Production, Mr Enorense Amadasu, said the initiative is pivotal to securing Nigeria’s long-term energy security and global competitiveness.
“Nigeria’s proven gas reserves currently stand at 210.54 trillion cubic feet, comprising 109.51 TCF of Non-Associated Gas and 101.03 TCF of Associated Gas,” Mr Amadasu stated.
“Of this, about 55 TCF, representing 26 percent, remains uncommitted to existing or planned monetisation projects. This presents a massive investment opportunity for both domestic and international investors.”
According to him, since the enactment of the Petroleum Industry Act in 2021, the Commission has approved over 25 Non-Associated Gas, NAG, Field Development Plans, unlocking nearly 9,790 billion standard cubic feet, BSCF, of reserves and attracting over $4.9 billion in capital expenditure, CAPEX.
He further disclosed that the country’s annual average daily gas production in 2024 stood at 6.99 billion standard cubic feet per day, BSCF/D, with a Reserves Replacement Ratio of 1.56 and a Reserves Life Index of 92.7 years, an indication, he said, of the sector’s long-term sustainability.
“The national gas reserves have grown steadily from 208.83 TCF in 2023 to 210.54 TCF in 2025, while production rose from 6.91 BSCF/D to 7.61 BSCF/D,” he added.
“These figures demonstrate resilience and steady progress across the gas value chain.”
Providing further insight into gas utilisation patterns, Mr Amadasu explained that the domestic market currently accounts for about 28 percent of total gas consumption, while exports via LNG and the West African Gas Pipeline, WAGP, take up 35 per cent. Field use, including gas lift and reinjection, represents about 29 per cent.
He noted that NUPRC’s regulatory milestones have been instrumental in shaping the nation’s gas landscape, citing policies such as the Associated Gas Re-injection Act (1979), National Gas Policy (2008), Flare Gas (Prevention of Waste and Pollution) Regulations (2018), and the Decade of Gas Initiative.
“The PIA 2021, alongside recent instruments like the Domestic Gas Delivery Obligation Regulations (2022), Gas Flaring, Venting and Methane Emissions Regulations (2023), and the Oil and Gas Companies (Tax Incentives) Order (2024), underscores our commitment to a transparent, pro-investment framework,” he said.
Mr Amadasu further revealed that the Commission is actively facilitating regulatory approvals and negotiations for gas supply to major national projects such as the NLNG Train 7, the Ajaokuta–Kaduna–Kano Pipeline, and the Brass Fertilizer and Petrochemical Project.
He also disclosed that the Commission is currently monitoring 19 active gas development projects, 10 production facilities and 9 pipeline projects, with a combined capacity of 3.55 BSCF/D.
About 88 per cent of these projects are in the engineering phase, while 12 percent have moved to construction or fabrication.
“Eighty-six per cent of the new gas projects are designed for the export market, particularly to feed the Nigerian LNG, while about 23 percent, equivalent to 142 million standard cubic feet per day, MMSCFD,, will serve the domestic market,” he noted.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.
This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.
It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.
MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.
Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.
GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.
However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.
Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.
At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.
Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.
This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.
Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.
The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.
Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.
Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.
Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.
Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.
Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.
On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.
The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.
Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.
Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.
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