NNPC targets 600 trillion cubic feet gas reserves, $60 billion investments

[Mr.Simon]

The Nigerian National Petroleum Company Limited has said it plans to grow Nigeria’s gas reserves from the current 210 trillion cubic feet to about 600 trillion cubic feet.
The NNPCL also noted that it is working on its mandate to attract about $60 billion in investments into the gas sector.
This was disclosed by the NNPCL’s Executive Vice President, Gas, Power & New Energy, Olalekan Ogunleye, at the CERAWeek energy conference by S&P Global in Houston, according to a statement posted on X by the NNPCL on Friday.

 

[Adegoroye]

It will help the revenue of the country to be on increase.The investment level should go up and encourage more investment in oil and gas

The Nigerian National Petroleum Company Limited has said it plans to grow Nigeria’s gas reserves from the current 210 trillion cubic feet to about 600 trillion cubic feet.
The NNPCL also noted that it is working on its mandate to attract about $60 billion in investments into the gas sector.
This was disclosed by the NNPCL’s Executive Vice President, Gas, Power & New Energy, Olalekan Ogunleye, at the CERAWeek energy conference by S&P Global in Houston, according to a statement posted on X by the NNPCL on Friday.

 

[LagosPolice]

You can imagine that we dont even have any Gas reserve right now, and we have been producing oil for many years now. really sad. Thank God for Dangote again. We need other billioniares to step up like Dangote.

 

[Chinyere]

The Nigerian National Petroleum Company Limited has said it plans to grow Nigeria’s gas reserves from the current 210 trillion cubic feet to about 600 trillion cubic feet.
The NNPCL also noted that it is working on its mandate to attract about $60 billion in investments into the gas sector.
This was disclosed by the NNPCL’s Executive Vice President, Gas, Power & New Energy, Olalekan Ogunleye, at the CERAWeek energy conference by S&P Global in Houston, according to a statement posted on X by the NNPCL on Friday.

I agree that increasing gas reserves and attracting investment will boost revenue, but I think the real issue is not just having gas, it is utilizing it effectively.
Nigeria already has significant gas reserves, but the problem has always been:
Infrastructure (pipelines, processing plants)
Power generation challenges
Policy consistency
Execution

 

[Mr.Simon]

It will help the revenue of the country to be on increase.The investment level should go up and encourage more investment in oil and gas

Exactly. When things look stable politically, investors feel safer putting money into the country, especially in oil and gas. That means more business and more revenue for Nigeria.

 

[Mr.Simon]

You can imagine that we dont even have any Gas reserve right now, and we have been producing oil for many years now. really sad. Thank God for Dangote again. We need other billioniares to step up like Dangote.

Yeah, it’s shocking that after all these years of oil production, we still don’t have a proper gas reserve. Dangote stepping in helps a lot, but we really need more big players to invest and build capacity like he’s doing.

 

[Mr.Simon]

I agree that increasing gas reserves and attracting investment will boost revenue, but I think the real issue is not just having gas, it is utilizing it effectively.
Nigeria already has significant gas reserves, but the problem has always been:
Infrastructure (pipelines, processing plants)
Power generation challenges
Policy consistency
Execution

Exactly. Having gas is one thing, but turning it into actual power and industrial use is another. Even with big reserves, without proper pipelines, processing plants, reliable power systems, and consistent policies, the potential just sits there. It’s not just about owning resources, it’s about using them smartly.

 

[Adegoroye]

Exactly. When things look stable politically, investors feel safer putting money into the country, especially in oil and gas. That means more business and more revenue for Nigeria.

That is it ....

 

[Benjamin E Housel]

The Nigerian National Petroleum Company Limited has said it plans to grow Nigeria’s gas reserves from the current 210 trillion cubic feet to about 600 trillion cubic feet.
The NNPCL also noted that it is working on its mandate to attract about $60 billion in investments into the gas sector.
This was disclosed by the NNPCL’s Executive Vice President, Gas, Power & New Energy, Olalekan Ogunleye, at the CERAWeek energy conference by S&P Global in Houston, according to a statement posted on X by the NNPCL on Friday.

Reserves do not create wealth. Monetization does.

Nigeria has always had resources. The real question is execution efficiency:

Can infrastructure move the gas?

Can policies remain stable long enough for investors to trust the system?

Can corruption and leakages be structurally reduced, not temporarily managed?

If those three are solved, this is not just a gas story. It becomes an industrial revolution story.

 

[Benjamin E Housel]

You can imagine that we dont even have any Gas reserve right now, and we have been producing oil for many years now. really sad. Thank God for Dangote again. We need other billioniares to step up like Dangote.

True...

 

[Benjamin E Housel]

I agree that increasing gas reserves and attracting investment will boost revenue, but I think the real issue is not just having gas, it is utilizing it effectively.
Nigeria already has significant gas reserves, but the problem has always been:
Infrastructure (pipelines, processing plants)
Power generation challenges
Policy consistency
Execution

Exactly... well said.

 

[vhektour]

Nobody talks about kerosene anymore... what a time to be alive
By the way what's the price of kerosene as at now

 

[Chinyere]

Nobody talks about kerosene anymore... what a time to be alive
By the way what's the price of kerosene as at now

Right now in Nigeria, kerosene is quite expensive compared to what many remember — retail prices are generally around ₦1,250–₦1,350 per litre or higher in many parts of the country. This reflects ongoing fuel cost pressures and FX impacts on fuel imports and distribution.

So while people may not be talking about kerosene as much as petrol, its cost is still a significant expense for many households today.

 

[Adegoroye]

Right now in Nigeria, kerosene is quite expensive compared to what many remember — retail prices are generally around ₦1,250–₦1,350 per litre or higher in many parts of the country. This reflects ongoing fuel cost pressures and FX impacts on fuel imports and distribution.

So while people may not be talking about kerosene as much as petrol, its cost is still a significant expense for many households today.

I want to suggest gas is cheaper and the mass should move towards gas

 

[Chinyere]

I want to suggest gas is cheaper and the mass should move towards gas

Gas is not only cheaper but economical

 

[Adegoroye]

Gas is not only cheaper but economical

Sometimes,the poor pay more because they never weigh the options and move to the cheaper one ..That is where economics knowledge came to play ..The poor will be thinking of the cost to buy cylinder and forgetting to look at the long run....

 

[Chinyere]

Sometimes,the poor pay more because they never weigh the options and move to the cheaper one ..That is where economics knowledge came to play ..The poor will be thinking of the cost to buy cylinder and forgetting to look at the long run....

Exactly. That’s a classic economic reality — short-term cost vs long-term value.
A low-income earner may avoid buying a gas cylinder because of the upfront cost, but ends up spending more over time on kerosene or small daily purchases. It feels cheaper today, but it’s more expensive in the long run.
This is where basic economics helps:
Think in total cost, not just entry cost
Consider long-term savings, not daily convenience
Look at value over time, not just price now

 

[Adegoroye]

Exactly. That’s a classic economic reality — short-term cost vs long-term value.
A low-income earner may avoid buying a gas cylinder because of the upfront cost, but ends up spending more over time on kerosene or small daily purchases. It feels cheaper today, but it’s more expensive in the long run.
This is where basic economics helps:
Think in total cost, not just entry cost
Consider long-term savings, not daily convenience
Look at value over time, not just price now

That is why the rich are getting richer

 

[Chinyere]

That is why the rich are getting richer

It is well, knowledge is power