Economy
NUPRC Woos Investors to Explore Nigeria’s Oil, Gas Reserves
By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country’s gas reserves currently stand at 208.83 trillion cubic feet, offering potential investors a huge potential.
According to the Chief Executive of NUPRC, Mr Gbenga Komolafe, following the declaration of the year 2020-2030 as Nigeria’s decade of gas, the country became ripe for more investment.
He said Nigeria has a proven reserve of 36.966 billion barrels of oil and condensate, opening a large opportunity for investments in the upstream oil and gas sector.
Mr Komolafe spoke at the ongoing Nigerian Oil and Gas Opportunity Fair (NOGOF 2023) organized by the Nigerian Content Development and Monitoring Board (NCDMB) in Yenagoa, the Bayelsa State capital, with the theme, Oil and Gas Industry: Catalyst for Fuel for the Industrialisation of Nigeria.
“Nigeria’s role as a major player in the global oil and gas industry is certainly not in doubt, as we are currently the highest oil producer in Africa and the second highest in terms of proven oil reserves with a huge potential for growth.
“As of January 1, 2023, Nigeria boasts 36.966 billion barrels of oil and condensate reserves and 208.83 trillion cubic feet of natural gas reserves, opening a large opportunity for investments in the upstream oil and gas sector.
“You will agree with me that despite the global clamour for decarbonization and energy transition, oil and gas remain relevant in the global energy mix to guarantee energy security for our teaming population.
“In order to deliver on her commitments towards reduction of carbon footprints, Nigeria has adopted gas as a transition fuel and expects to significantly increase gas consumption during the Decade of Gas declared by the President, Muhammadu Buhari.
“This adoption of natural gas as a transition fuel is a boost for Nigeria; our gas reserves can be harnessed to help the country’s transition to Net Zero by 2060 while driving economic growth and development, thereby simultaneously tackling energy poverty and meeting the commission has intensified efforts climate ambition.”
Represented by the Executive Commissioner, Economic Regulation and Strategic Planning, Mr Kelechi Ofoegbu, the NUPRC boss assured of the Commission’s commitment to growing gas reserves, boosting production and eliminating routine gas flares in all upstream operations across the value chain while also dealing with methane capture and other fugitive gas emissions.
“The significance of this is that more gas would be available for domestic utilization as Liquefied Petroleum Gas (LPG), feedstock for power generation plants, fertilizer plants and petrochemicals, among others.
“Each of these areas shows that gas would truly be the catalyst and fuel for industrialisation as well as provide unique entry points for willing investors and constitute opportunities to build capacity locally.
“The commission, as the upstream petroleum industry regulator, has embarked on the development of a regulatory framework for carbon-make businesses pay for their emissions and pricing system to incentivize emission reductions through carbon credits.
“Accordingly, a new department called Energy Transition and Carbon Monetisation has been created in the Commission to coordinate the drive towards energy transition in the Nigeria oil and gas sector. The new department will drive the focused implementation of the robust regulatory framework for the decarbonisation of upstream operations.
“It will introduce clean mechanisms in field development, mitigate the impact of energy transition and ensure sustained investments in upstream operations whilst improving the environmental credentials of oil and gas. It is our hope that in months to come; we should be able to share the vital lessons from the Nigerian transition success story with the global community.”
Also speaking, the Managing Director of Chevron Nigeria Limited, Mr Richard Kennedy, announced that the company had spent over $1 billion on Nigerian suppliers and service providers in the last few years.
Mr Kennedy, in his goodwill message, said CNL had made significant investments in Nigeria in the last 60 years, assuring that the company remains committed to the NOGICD Act and will continue to build local capacity.
By Adedapo Adesanya
The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.
In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.
The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.
MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.
On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.
Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Dipo Olowookere
A 0.26 per cent growth was achieved by the Nigerian Exchange (NGX) Limited on Wednesday on the back of sustained bargain-hunting by investors.
This happened despite a pocket of profit-taking, with industrial goods losing 0.63 per cent and the energy index shedding 0.05 per cent.
But the insurance space increased by 2.02 per cent, the banking counter appreciated by 1.48 per cent, the commodity sector improved by 0.48 per cent, and the consumer goods segment rose by 0.03 per cent.
Consequently, the All-Share Index (ASI) went up by 383.71 points to 149,842.82 points from 149,459.11 points and the market capitalisation jumped by N244 billion to N95.525 trillion from N95.281 trillion.
The market breadth index remained positive after the bourse finished with 38 price gainers and 23 price losers, indicating a strong investor sentiment.
The quartet of First Holdco, Lasaco Assurance, Veritas Kapital, and Prestige Assurance gained 10.00 per cent to quote at N39.60, N2.75, N1.76, and N1.65, respectively, while Mecure Industries grew by 9.92 per cent to N50.40.
Conversely, Living Trust Mortgage Bank lost 10.00 per cent to close at N3.15, International Energy Insurance dropped 9.92 per cent to trade at N2.27, McNichols shrank by 6.90 per cent to N2.97, Omatek decreased by 6.84 per cent to N1.09, and Chams dipped by 6.41 per cent to N2.92.
The activity level witnessed a significant surge at midweek, with Ecobank trading 5.3 billion units for N168.7 billion.
Further, First Holdco sold 108.2 million units worth N4.2 billion, Sterling Holdings exchanged 87.3 million units valued at N606.2 million, FCMB transacted 74.3 million units worth N783.6 million, and Access Holdings sold 41.5 million units for N841.4 million.
At the close of trades, market participants traded 5.9 billion units valued at N216.2 billion in 25,205 deals compared with the 1.0 billion units worth N21.8 billion traded in 23,701 deals a day earlier, showing a rise in the trading volume, value, and number of deals by 490.00 per cent, 891.74 per cent, and 6.35 per cent, respectively.
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