There is hope that Nigeria’s economy will stabilise soon with the increase in crude oil reserves.

It is an open secret that Nigeria’s economy relies solely on proceeds from crude oil. So, when crude oil production dips the economy enters into panic mode.

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But with this revelation in crude reserves, Nigeria may very well be on its way to Uhuru.

Crude Oil: NUPRC Reveals Nigeria's Reserves Soared To 37.50 Billion Barrels
An image of barrels of crude oil

Crude oil reserves rose from 36.96 billion barrels on January 1, 2023, to 37.50 bb on January 1, 2024.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) told Nigerians.

Have You Read: Rep Committee Seeks Collaboration To Fish Out Crude Oil Thieves

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Addressing journalists in Abuja, the NUPRC Chief Executive Officer (CEO), Gbenga Komolafe, expressed joy over the rise in Nigeria’s crude oil reserves.

He said the country’s Natural Gas reserves also rose from 208.83 trillion Cubic Feet (TCF) on January 1, 2023, to 209.26TCF on January 1, 2024.

Komolafe declared the development as a positive one for Nigeria.

According to him, this shows that Nigeria is heavily endowed with hydrocarbon capacity.

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Increase Gas Output

The NUPRC boss said this feat was achieved due to initiatives from several commissions.

Komolafe attributed the crude oil reserves increase to production from some of the marginal fields.

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He said: “Some of the brownfields and marginal fields have started producing and contributing to our national oil and gas reserves”.

Also, the Nigerian National Petroleum Company Limited (NNPCL) is set to increase its gas output, targeting both local and international markets.

The Group Chief Executive Officer, NNPCL, made this known on Thursday, after a visit to President Bola Tinubu in Lagos.

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He said the strategic move would help to restore economic prosperity and stabilise the national currency, the Naira.

Kyari’s announcement aligns with the government’s economic strategies, which include improving the energy sector to support economic recovery efforts.

Amid this great news, Nigerian workers are getting ready to strike over minimum wage increment.

See why the government should respond to them quickly before things get out of hand.

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