Nigeria is literally sitting on a goldmine, but instead of using it to build, we’re borrowing to survive. A new report from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) shows the country has over 3.5 billion barrels of untapped oil and condensate reserves, worth about $227.5 billion—that’s a jaw-dropping ₦341 trillion at today’s exchange rate. To put it in perspective, that’s six times bigger than the 2025 national budget.
Yet, much of this wealth is just sleeping. Over 65% of oil fields across all terrains remain idle, with only 10% fully developed. Gas isn’t doing much better, with nearly 19 trillion cubic feet still untouched. Meanwhile, the government is budgeting a ₦13 trillion deficit for 2025, planning to borrow yet again just to keep the country running.
Think about what this hidden wealth could buy: millions of classrooms and health centres, hundreds of thousands of kilometres of new highways, and a real chance to strengthen public services. Instead, Nigeria is sinking deeper into debt while sitting on the very resources that could change its story.
The NUPRC points to deepwater reserves as the biggest underperformers. If unlocked, they could completely reshape Nigeria’s fiscal future—reducing borrowing, boosting infrastructure, and opening real opportunities for citizens. The question now is simple but urgent: will Nigeria finally wake up and turn its dormant wealth into development, or will it keep being a silent spectator in its own riches?
