Nigeria’s upstream investment share across Africa jumped from 4% before 2023 to about 40% in 2024 and 2025, with $10bn committed and a $50bn pipeline, as reforms reshape the sector.
Olu Verheijen, Special Adviser to the President on Oil and Gas, disclosed this on Thursday at the Nigerian-British Chamber of Commerce Energy Day 2026 in Lagos.
Addressing industry leaders, investors, regulators and development partners, Verheijen noted: “Nigeria has never lacked potential. We have oil. We have gas. We have sunlight, water, land, talent and scale. What we have lacked is conversion — the discipline to turn resources into results.”
She explained that the administration inherited a sector crippled by unsustainable fuel subsidies, foreign exchange distortions, weak production and power sector debt.
Fiscal gains followed quickly. Total federation revenue climbed to about N21 trillion in 2024 from roughly N12 trillion in 2023, according to Verheijen.
Domestic refining also made strides. Local petrol production rose from virtually zero in 2023 to about 48 million litres per day.
That shift eased pressure on foreign exchange. Petrol import costs fell from about N2.3 trillion in Q1 2025 to less than N90 billion in the same quarter a year later.
Crude output improved as well. Oil and condensate production averaged 1.64 million barrels per day in 2025, up by roughly 400,000 bpd compared to 2023.
Investment momentum is visible in projects like Bonga North, Ubeta and several gas developments, which Verheijen said are moving after years of delays.
Gas is central to the industrial plan. Proven reserves now exceed 215 trillion cubic feet, with gross production rising from 6.83 billion standard cubic feet per day in 2023 to about 7.63 bscf/d.
Power sector liquidity is being tackled through the Presidential Power Sector Debt Reduction Programme.
Metering and tariffs are also improving. The national metering rate has hit about 57% with hundreds of thousands of meters deployed annually.
Verheijen stressed that energy reforms affect daily life beyond oil and gas.
She urged British and Nigerian investors to deepen collaboration in financing, infrastructure, technology transfer and skills.
Looking ahead, Verheijen said the focus will be sustaining reforms, expanding energy access and delivering reliable power to support industrial growth and national development.
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