Nigeria’s untapped oil, gas reserves key to global energy security, says Tuggar 

Yusuf Tuggar, Nigeria’s Minister of Foreign Affairs, has called on oil and gas producers in the Gulf region to see Nigeria as a strategic partner rather than a competitor in the global energy market.

Tuggar made the appeal in an interview with Reuters, where he stressed that stronger cooperation between Nigeria and Gulf energy producers could help diversify global oil and gas supplies, particularly at a time when geopolitical tensions are threatening traditional energy routes.

According to him, Nigeria’s vast untapped hydrocarbon reserves present a significant opportunity for collaboration, especially as the global energy market grapples with supply uncertainties linked to the ongoing conflict in the Middle East.

The minister said countries that may currently perceive Nigeria as a rival in the energy space should instead consider forming partnerships with Africa’s largest oil producer to expand their market share and strengthen global supply chains.

“Nigeria has consistently maintained that potential competitors should focus on collaboration and investment rather than rivalry,” Tuggar said.

He noted that such partnerships could involve joint investments and closer engagement with the federal government to develop new oil and gas assets.

He pointed out that Nigeria still possesses substantial untapped reserves of crude oil and natural gas, which could serve as a reliable alternative supply source for Gulf countries seeking to hedge against disruptions in global energy flows.

Tuggar also highlighted improvements in Nigeria’s oil production since the administration of Bola Tinubu assumed office in 2023.

According to him, the country’s daily crude oil output has risen to about 1.7 million barrels per day, compared with roughly 1.4 million barrels when the current administration took office.

He explained that the increase reflects ongoing efforts by the government to stabilise production, curb oil theft and attract investment into the sector.

The minister added that Nigeria’s production capacity could grow even further if more capital is deployed to develop new oil fields and expand critical infrastructure.

However, Tuggar acknowledged that Nigeria has also been directly affected by rising global oil prices, largely because the country still relies heavily on imported refined petroleum products.

He noted that while higher crude prices can boost government revenues, they also place pressure on domestic fuel supply and pricing due to Nigeria’s dependence on imported refined products.

The minister said the government remains committed to attracting investment that would help expand domestic refining capacity and strengthen Nigeria’s role in the global energy market while reducing vulnerability to external shocks.