Nigeria's Path to Doubling Oil Reserves by 2035

Nigeria has the potential to double its reserves growth by 2035 if it implements the right policies, investments, and operational improvements. Key strategies include sustained reserve replacement, expanding gas reserves, making new commercial discoveries, enhancing recovery from mature fields, and increasing indigenous operator participation.

The proposed African Energy Bank could facilitate African-led energy financing, particularly as Western institutions reduce their hydrocarbon exposure. However, challenges such as governance, political influence, and risk management must be addressed to ensure credibility with global markets.

Nigeria's strategy should prioritize lower-emission barrels, gas-led industrialization, and monetizing reserves before demand peaks. To attract global exploration and production capital, Nigeria must improve fiscal terms, licensing processes, contract enforcement, security, data accessibility, and infrastructure.

Indigenous companies need to enhance their technical capabilities and governance. Adjustments like royalty reductions for frontier basins could quickly stimulate new exploration activity.