According to him, “proven reserves of petroleum in Nigeria are estimated at 36.2 billion barrels spread across both on-shore and off-shore locations and gas reserves are estimated at 184.2 trillion cubic meters. About 30 per cent of the gas produced in the country is flared, owing mainly to lack of processing and harvesting facilities.” The apex bank boss gave this assurance at the 33rd Annual Conference and Exhibition of the Nigeria Council of the Society of Petroleum Engineers in Abuja.
Acknowledging that Nigeria is richly endowed with huge hydrocarbon resources, he added that the oil and gas industry is very crucial to the Nigeria economy and that since the exploration and exploitation of oil and gas are capital intense’ it, therefore, requires huge and long-term funding.
He stressed that rendering financial back-up for the curial oil and gas sector is crucial to the nation’s quest for rapid economic development especially in her determination to become one of the largest 20 economies of the world in 2020.
According to him, the development of the oil and gas sector will improve government revenue. It will make Nigeria to become a choice destination for investment and the hub of economic activities. Therefore, there is need to ensure that Nigerian banks take full advantage of the development in the sector. The role of the CBN in that regard is to ensure that Nigerian banks are significantly strong and sound to finance the sector.