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 Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
