Nigeria's Oil Reserves Insufficient for Global Investment

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has warned that Nigeria can no longer depend solely on its substantial oil and gas reserves to attract global investment. Despite possessing approximately 37.01 billion barrels of proven oil and condensate reserves and 215.19 trillion cubic feet of natural gas reserves, the country must offer competitive fiscal and commercial terms, improved security, predictable regulations, and efficient project execution.

This warning was issued in a communiqué after the three-day 5th PENGASSAN Energy and Labour Summit held in Abuja from August 19 to 21, 2026, and was signed by PENGASSAN President Festus Osifo and General Secretary Jerry Amah. The summit focused on the regulatory, commercial, and labor conditions necessary for attracting investment and sustaining employment in Nigeria's petroleum industry.

PENGASSAN acknowledged the Petroleum Industry Act (PIA) as a significant milestone but stressed that legislation alone is not enough to secure the long-term capital needed for major petroleum projects.