By Ayomide Otitoju
NNPC Limited participated in the CERAWeek by S&P Global in Houston on Wednesday, where its Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, outlined Nigeria’s pathway to energy sovereignty.
Oluwaniyi spoke during a panel session titled “African Energy Sovereignty: The ‘all-of-the-above’ strategy,” moderated by Daniel Evans. Other panelists included Bambo Ibidapo-Obe of Oando Energy Resources and Alcides Andrade of ANPG Angola.
During the session, Oluwaniyi emphasised Nigeria’s strategy of achieving energy self-determination through greater control of its natural resources and the adoption of a diversified energy mix. He disclosed that Nigeria holds approximately 210 trillion cubic feet (tcf) of proven gas reserves, comprising 101 tcf of associated gas and 109 tcf of non-associated gas.
He described Nigeria as fundamentally a gas-driven economy, noting that the country is “a gas-rich nation with some oil reserves.” According to him, Nigeria is pursuing a just and equitable energy transition, with natural gas positioned as a critical transition fuel expected to remain relevant longer than crude oil.
Oluwaniyi added that Nigeria’s resource base and policy direction position it as an attractive destination for global energy investments. He stressed the need for bankable projects with clear value propositions and realistic financial projections, while acknowledging risks such as pipeline vandalism, which he said has been significantly reduced through measures including enhanced community engagement.
He further identified sustained investment in gas infrastructure and development as a key priority across the energy value chain in the coming years.
