Nigeria may possess one of Africa’s largest hydrocarbon endowments, but the Petroleum and Natural Gas Senior Staff Association of Nigeria has warned that the country can no longer rely on the sheer size of its oil and gas reserves to win the increasingly competitive battle for global investment capital.

🇳🇬 Here's What Happened

PUNCH Online reports that Nigeria has about 37.01 billion barrels of proven oil and condensate reserves and 215.19 trillion cubic feet of natural gas reserves, making it one of Africa’s most resource-rich petroleum countries.

The union said Nigeria was competing with other oil-producing jurisdictions for a limited pool of global capital and must therefore offer investors competitive fiscal and commercial terms, improved security, predictable regulations and efficient project execution.

This was contained in a communiqué issued on Friday at the end of the three-day 5th PENGASSAN Energy and Labour Summit, held in Abuja from August 19 to 21, 2026.

📌 Key Details

The communiqué was jointly signed by the PENGASSAN President, Festus Osifo, and the General Secretary, Jerry Amah.

The summit, with the theme, “Strengthening Regulatory Frameworks as a Catalyst for Stability and Growth in Nigeria’s Oil and Gas Industry,” brought together government officials, regulators, oil companies, investors, organised labour and other industry stakeholders.

It focused on the regulatory, commercial and labour conditions required to attract investment, raise production and sustain employment in Nigeria’s petroleum industry.

The union said, “The Summit recognised the direct relationship between regulatory certainty, investment, projects, production, government revenue and sustainable employment.

“Nigeria competes with other jurisdictions for finite global capital and cannot rely solely on the size of its hydrocarbon resources to attract investment. The country must offer competitive fiscal and commercial terms, security, predictable regulation and efficient project execution.”

PENGASSAN urged the Federal Government and petroleum regulators to consolidate recent reforms and incentives that had stimulated renewed investments and Final Investment Decisions, stressing that Nigeria must remain internationally competitive to attract long-term energy capital.

📰 Source: Punch Nigeria