Expert Urges Nigeria to Harness Oil & Gas Wealth Before Global Energy Shift

Nigeria must accelerate the development of its oil and gas resources to capitalize on its hydrocarbon wealth before global energy dynamics shift, warns energy expert Dan Kunle. Kunle, a former Group Executive Director at the Nigerian National Petroleum Corporation (NNPC), stated that the country risks losing significant economic opportunities if it fails to transform its oil and gas assets into industries, jobs, and infrastructure.

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At first sight, this appears to be a conversation about petroleum resources. However, I submit that it is far more than that. It is a conversation about civilisation. It is a conversation about development. It is a conversation about the relationship between natural resources and human progress.

Speaking at a recent event in Ilorin, Kwara State, Kunle highlighted that Nigeria's challenge is not a lack of natural resources but an inability to effectively convert them into sustainable prosperity. "Resources by themselves do not create development. Human knowledge creates development. Technology creates development. Innovation creates development. Engineering creates development," he asserted, drawing on historical lessons.

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The lesson from history is clear. Resources by themselves do not create development. Human knowledge creates development. Technology creates development. Innovation creates development. Engineering creates development.

Kunle pointed out that despite possessing vast crude oil and natural gas reserves, Nigeria continues to face energy poverty, weak industrialization, and infrastructure deficits. He stressed the critical distinction between resource availability and accessibility, noting that while resources exist, their mere presence does not guarantee prosperity. "Nature has already done its part. The resources exist. However, availability alone does not create prosperity," he stated.

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Nigeria possesses hydrocarbons in offshore fields, onshore fields, shallow waters, deep waters and frontier basins. Nature has already done its part. The resources exist. However, availability alone does not create prosperity.

The expert also emphasized the necessity of continuous exploration and reserve replacement, warning that declining exploration activities could jeopardize future resource availability. "Every serious petroleum-producing nation invests in exploration to discover new resources and replenish what it produces. Reserve replacement is not optional. It is essential," Kunle stated. He identified engineers as crucial to unlocking Nigeria's resource potential, as accessibility requires infrastructure, investment, institutions, and technology.

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Every serious petroleum-producing nation invests in exploration to discover new resources and replenish what it produces. Reserve replacement is not optional. It is essential.