Nigeria may possess one of Africa’s largest hydrocarbon endowments, but the Petroleum and Natural Gas Senior Staff Association of Nigeria has warned that the country can no longer rely on the sheer size of its oil and gas reserves to win the increasingly competitive battle for global investment capital.
PUNCH Online reports that Nigeria has about 37.01 billion barrels of proven oil and condensate reserves and 215.19 trillion cubic feet of natural gas reserves, making it one of Africa’s most resource-rich petroleum countries.
The union said Nigeria was competing with other oil-producing jurisdictions for a limited pool of global capital and must therefore offer investors competitive fiscal and commercial terms, improved security, predictable regulations and efficient project execution.
This was contained in a communiqué issued on Friday at the end of the three-day 5th PENGASSAN Energy and Labour Summit, held in Abuja from August 19 to 21, 2026.
The communiqué was jointly signed by the PENGASSAN President, Festus Osifo, and the General Secretary, Jerry Amah.
