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Nigeria Boasts Over a Billion Barrels of Oil Reserves, Says Wando’s Wale Tinubu at World Economic Forum

Written by on January 27, 2025

Wale Tinubu, the Group Chief Executive of Oando PLC, made a significant revelation at the World Economic Forum (WEF) in Davos, Switzerland, stating that Nigeria has an impressive over a billion barrels of oil reserves. This announcement underscores the country’s immense potential in the oil and gas sector and highlights the need for effective management and utilization of these resources.

Tinubu emphasized that Nigerians possess the necessary skills and capabilities to secure the country’s oil reserves and ensure optimal utilization. He stressed the importance of indigenous participation in the oil and gas industry, noting that it is crucial for Nigeria’s economic growth and development.

 

Oando PLC, under Tinubu’s leadership, has been at the forefront of Nigeria’s oil and gas industry. The company has made significant investments in the sector, and its impressive statistics are a testament to its commitment to harnessing the country’s natural resources.

 

Some key figures highlighting Oando’s contributions to Nigeria’s oil and gas sector include:

 

Oil Reserves: Over 1 billion barrels

Oil Processing Capacity: 300,000 barrels per day

Gas Capacity: 2 billion cubic feet per day

Net Present Value: Over $10 billion

 

These numbers demonstrate Oando’s substantial investments in Nigeria’s oil and gas industry, as well as its commitment to ensuring that the country’s natural resources are utilized for economic growth and development.

 

Tinubu’s announcement at the WEF has sparked optimism about Nigeria’s potential in the oil and gas sector. It has also highlighted the need for effective management, transparency, and accountability in the industry.

 

As Nigeria continues to navigate the challenges of the global energy market, it is clear that the country’s oil and gas sector will play a critical role in its economic development. With indigenous companies like Oando PLC at the forefront, Nigeria is well-positioned to unlock its vast oil and gas potential and ensure a brighter future for its citizens.


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