Nigeria Boasts Over A Billion Barrels Of Oil Reserves, Says Adewale Tinubu At WEF 2025

Exploring Nigeria’s Energy Potential

Adewale Tinubu, Group Chief Executive of Oando Plc, has highlighted the transformative potential of Nigeria’s energy sector, emphasizing the role of indigenous energy companies in taking over divested assets from International Oil Companies (IOCs). Speaking at the prestigious World Economic Forum (WEF) in Davos, Switzerland, Tinubu revealed that Oando Plc is prepared to harness artificial intelligence (AI) and other advanced technologies to optimize its upcoming drilling campaigns. The goal? To tap into over 1 billion barrels of oil reserves effectively while strengthening decision-making and reducing exploration costs.

Nigeria Shines at WEF 2025

The WEF, an exclusive gathering of world leaders, global executives, and non-governmental organizations, offered a platform for the Nigerian delegation to engage with global stakeholders. Key attendees from Nigeria included Vice President Kashim Shettima, Finance Minister Wale Edun, Industry and Trade Minister Jumoke Oduwole, and Adewale Tinubu himself. This meeting brought together leaders from business, academia, and civil society to address pressing global challenges and explore collaborative solutions.

Unlocking Nigeria’s Untapped Energy Resources

Tinubu shared insights on the Nigerian energy sector, emphasizing that indigenous energy companies are now at the forefront of driving innovation and efficiency in oil exploration. Oando Plc, one of the first Nigerian companies to successfully acquire an IOC’s onshore assets (AGIP), is well-positioned to unlock the sector’s full potential.

“As a company, we have over a billion barrels of reserves, 300,000 barrels per day of processing capacity, and 2 billion cubic feet of daily gas capacity. The net present value of these assets exceeds $10 billion,” Tinubu stated.

By leveraging local expertise, advanced technologies, and strategic partnerships, Nigerian firms like Oando are poised to accelerate resource extraction and maximize value from the nation’s abundant energy reserves.

The Role of Government and Regulators

Tinubu emphasized the critical need for government support and regulatory alignment to fully harness the potential of the oil and gas sector. This collaboration is key to addressing economic challenges, boosting foreign investment, and improving Nigeria’s balance of trade.

“We need to increase exports significantly to strengthen the Naira and improve trade balances. The oil and gas industry offers the quickest route to achieving this,” he explained.

A Just Energy Transition for Africa

On the global front, Tinubu addressed the ongoing discussions about decarbonization and energy transition. He reiterated that Africa contributes minimally to global carbon emissions despite representing about 20% of the world’s population. Nevertheless, Oando Plc is committed to sustainability by integrating carbon capture technologies to reduce its carbon footprint.

“We’re working to ensure that every molecule of carbon we emit is mitigated through effective carbon capture techniques,” Tinubu added.

Conclusion

Adewale Tinubu’s remarks at WEF underscore Nigeria’s immense energy potential and the transformative role of indigenous companies in driving economic growth and sustainability. By adopting advanced technologies, fostering government collaboration, and prioritizing environmental responsibility, Nigeria can position itself as a global energy leader.