Special Adviser to the President on Energy, Olu Verheijen, says Nigeria requires approximately $38.3 billion in additional financing to sustain current oil and gas production levels and achieve its 2030 production targets.
Speaking at the 25th Nigeria Oil and Gas Energy Week Conference and Exhibition in Abuja, Verheijen said attracting the required investment would depend on creating a stable and competitive environment supported by clear regulations and investor confidence.
According to her, financing remains one of the biggest challenges facing the energy sector despite ongoing reforms aimed at improving Nigeria’s attractiveness to investors.
Verheijen stated that Nigeria has recorded progress in reforming fiscal policies, streamlining regulations and reducing contracting timelines. She noted that the country currently has more than $50 billion worth of upstream projects in its visible investment pipeline and has secured over $10 billion in Final Investment Decisions within the past three years.
She also disclosed that crude oil and condensate production has increased by about 400,000 barrels per day since 2023, while the government remains focused on achieving a production target of three million barrels per day and 10 billion standard cubic feet of gas daily by the end of the decade.
On the power sector, Verheijen said the Federal Government’s N4 trillion Power Sector Financial Reforms Programme is intended to address legacy debts and restore confidence among electricity generation companies, gas suppliers and investors.
She further highlighted government efforts to boost domestic gas utilisation through incentives, including tax and import duty exemptions for Liquefied Petroleum Gas infrastructure and equipment.
According to her, the measures form part of broader efforts to strengthen energy security, support industrial growth and improve access to cleaner energy solutions.
