Business

Global oil reserves: Nigeria down to 11th position in latest rankings

According to report, Nigerian oil reserves haven’t grown significantly for years, failing to replace daily extraction.

Published

7 months ago

January 12, 2026

OCHEFA

377 Views

Stagnation in Nigeria’s crude oil reserve for decades has placed the country to 11th position on the global rankings of oil producing countries.

The United States occupy the 10th position with 45 billion barrels of proven oil reserve.

Crude oil reserve data computed from OPEC’s Annual Statistical Bulletin 2025, reveals that Nigeria sits as the 11th country with 37.28 billion barrels proven oil reserve in the world.

Likewise, official figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) places it at 37.28 billion barrels as of January 2025.

In a report published recently by Visual Capitalist.com, Venezuela holds the world’s largest proven oil reserves, accounting for an estimated 303 billion barrels of proven oil reserves, the largest of any country.

These reserves account for roughly 17% of the global total, well ahead of Saudi Arabia 267 billion barrels ; Iran 209 billion barrels, Canada 163 billion barrels , and Iraq 113 billion barrels.

Chart credit: Visual capitalist.com

According to report, Nigerian oil reserves haven’t grown significantly for years, failing to replace daily extraction.

Oil theft, vandalism, and insecurity hinder efforts to reach full production potential.

Nevertheless, the NUPRC aims to boost reserves and production, with plans to attract investment for new exploration and development.

Related Topics:Featured Global oil reserves Nigeria proven oil reserves

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Business

TCN improves Power Supply to Apapa corridors by additional 208MW

The upgrade replaces an outdoor transformer that had served as a stopgap after the original facility, commissioned in 1985, was decommissioned.

Published

2 hours ago

August 18, 2026

OCHEFA

9 Views

The Managing Director/Chief Executive Officer of the Transmission Company of Nigeria (TCN), Mr. Sule Ahmed Abdulaziz , says from now Apapa Causeway, Ijora, Amukoko, Ajegunle, Apapa Wharf, Tin Can Island and other major commercial areas, will be having improved power supply.

Abdulaziz made the declaration on Monday during the commission of Ijora and Apapa Road transmission substations in Lagos by additional 208MW .

The project is aimed at improving the volume and reliability of electricity available to distribution companies for onward supply to homes, businesses and industries.

Abdulaziz said that the projects, sponsored by the Japan International Cooperation Agency (JICA) and the World Bank respectively, in partnership with TCN, underscored the Federal Government’s commitment to modernising the transmission network and improving grid stability.

He commended the Ministry of Power, JICA, the Government of Japan, Lagos State Government and other stakeholders for supporting the projects, while appealing for additional grant assistance to upgrade other critical sections of the transmission network.

Speaking at the commissioning, Minister of Power, Mr. Joseph Tegbe, said that the projects were part of the Federal Government’s efforts to address longstanding transmission constraints and infrastructure decay that have limited the country’s ability to fully utilise available generation.

The upgrades increased the Ijora substation’s capacity by 112MW, from 90MVA to 230MVA, following the installation of two new 100MVA transformers.

At Apapa Road, a new Gas Insulated Substation (GIS) added another 96MW, raising the facility’s capacity from 60MVA to 180MVA.

The upgrade replaces an outdoor transformer that had served as a stopgap after the original facility, commissioned in 1985, was decommissioned.

Business

CBN’s Sidi-Ali wins 2026 overall Spokesperson of the Year Award, courtesy of NSA

Published

4 hours ago

August 18, 2026

OCHEFA

19 Views

•Mrs Hakama Sidi Ali.

The Ag. Director of Corporate Communications of the Central Bank of Nigeria (CBN), Mrs. Hakama Sidi-Ali, has won the 2026 edition of the National Spokespersons Award (NSA).

The recognition was announced during the 6th National Spokespersons Awards and the 4th Economic Confidential Annual Lecture, organised by Image Merchants Promotion Limited (IMPR), publishers of PRNigeria, Economic Confidential and Spokespersons Digest, held in Abuja, recently.

The organisers stated: “With the latest honour, Sidi-Ali completed an unprecedented hat-trick at the National Spokespersons Awards, becoming the first communications professional to progress from winning a sector-specific award twice consecutively to claiming the overall Spokesperson of the Year title.