Special Adviser to President Bola Tinubu on Oil and Gas, Olu Verheijen, has said Nigeria is making significant progress in transforming its energy sector through reforms aimed at boosting production, attracting investment and strengthening energy security.
Speaking at an event organised by the Nigerian-British Chamber of Commerce, Verheijen said the administration inherited a sector burdened by fuel subsidies, foreign exchange distortions, low production levels and mounting power-sector debt. She noted that the government’s reforms were designed to convert Nigeria’s vast energy resources into tangible economic benefits.
According to her, the removal of fuel subsidies and exchange-rate reforms helped improve fiscal stability, with federation revenue rising from about ₦12 trillion in 2023 to approximately ₦21 trillion in 2024. She added that local petrol production has increased to about 48 million litres daily, significantly reducing fuel imports and easing pressure on the naira.
Verheijen disclosed that crude oil and condensate production rose to an average of 1.64 million barrels per day in 2025, while over $4 billion in international oil company divestments had been completed. She also said Nigeria attracted about $10 billion in upstream investment commitments across 2024 and 2025, with a pipeline of projects valued at roughly $50 billion.
She further highlighted growth in the gas sector, revealing that proven gas reserves now exceed 215 trillion cubic feet, while daily gas production has increased from 6.83 billion to 7.63 billion standard cubic feet. She said the government is positioning gas as a key driver of industrialisation, power generation, manufacturing and exports.
On the power sector, Verheijen said the Federal Government approved a debt reduction programme of up to ₦4 trillion to settle verified obligations owed to generation and gas companies. She added that metering rates have improved to about 57 per cent, while tariff reforms are being implemented to ensure sustainability and better service delivery.
She stressed that energy reform remains central to economic growth, job creation, currency stability and improved living standards, urging investors and development partners to support Nigeria’s transition from ‘potential to reality’ through sustained investment and collaboration.
