The Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, has disclosed that over the past decade, global oil and gas investors have allocated $80 billion elsewhere, bypassing Nigeria.
She made this statement on Monday during her remarks at the Nigeria International Energy Summit 2025, held in Abuja.
The summit gathered energy stakeholders and government officials to reflect on Nigeria’s achievements in the energy sector in 2024 and their implications for Africa’s broader energy security and transformation.
“Over the past decade, global oil and gas investors allocated $80 billion elsewhere, largely bypassing Nigeria,” she stated.
“The results were swift and tangible: by mid-2024, the Ubeta Final Investment Decision (FID) was secured through a Total joint venture. By year-end, Shell and its partners approved the Bonga North FID. Looking ahead, additional FIDs are anticipated in 2025, further reinforcing investor confidence,” she added.
Furthermore, she disclosed that in the upstream sector, President Tinubu has set ambitious targets: “restoring oil production to 2.06 million barrels per day (bpd) in the near term and achieving 4 million bpd by 2030.”
“Through a data-driven security framework, implemented in collaboration with operators, the Office of the National Security Adviser, and the Ministry of Defence, we have facilitated a 500,000-bpd increase in oil production since the inception of this administration,” she stated.
According to the government official, the year 2024 marked a turning point in Nigeria’s energy landscape, with the country securing three out of Africa’s four Final Investment Decisions (FIDs), valued at over $5.5 billion.
“Our nation solidified its position as a premier destination for deep offshore oil and gas investments, approved its first deepwater FID in over a decade, facilitated five major asset acquisitions, revived two domestic refineries, and commenced petrol production at Africa’s largest refinery,” she added.
“This initiative is designed to eliminate the inefficiencies of estimated billing, enhance revenue collection by electricity distribution companies (Discos), and significantly improve service delivery,” she added.
“Simultaneously, we are implementing a gradual transition to cost-reflective tariffs that balance affordability with financial sustainability. This approach ensures the sector remains self-sustaining while safeguarding the most vulnerable through a well-targeted subsidy system,” she added.
The official’s latest remarks come days after she outlined efforts and plans of the federal government to achieve Nigeria’s ambitious target of increasing oil production to 4 million barrels per day by 2030.
The US leads this group with an output of about 13 million bpd, followed by Russia (9 million bpd), Canada (5.5 million bpd), China (4.7 million bpd), and Brazil (3.6 million bpd).