Olu Verheijen, Special Adviser to Nigeria’s President Bola Tinubu on Energy, says that the government is expecting a significant proportion…
The post Nigerian Indies: ‘To Whom Much is Given, Much is Expected’-Olu Verheijen first appeared on Africa’s premier report on the oil, gas and energy landscape..
Olu Verheijen, the Special Adviser to the President on Energy, highlighted Nigeria’s recent achievements in the oil and gas sector during the Nigeria International Energy Summit (NIES) 2025.
In 2024, Nigeria secured three out of Africa’s four Final Investment Decisions (FIDs), amounting to over $5.5 billion, underscoring the country’s position as a leading destination for deep offshore oil and gas investments. PM News Nigeria+5Nigerian NewsDirect+5Leadership News+5
This success is attributed to key reforms, including three presidential directives issued in February 2024, aimed at removing barriers to new investments. These measures attracted significant commitments, such as the Ubeta FID by Total JV and Shell’s approval of the Bonga North FID. Naija News+5Leadership News+5Nigerian NewsDirect+5
Looking ahead, Nigeria anticipates additional FIDs in 2025, further reinforcing investor confidence. The government has set ambitious targets to boost crude oil production to four million barrels per day by 2030, supported by new fiscal incentives like VAT waivers and tax credits for deepwater projects. Naija News+3Nigerian NewsDirect+3Leadership News+3Nairametrics+5Leadership News+5PM News Nigeria+5
Beyond oil and gas, the administration is focusing on expanding domestic refining capacity, improving electrification efforts, and implementing reforms to enhance liquidity in the power sector.
Initiatives like the Presidential Metering Initiative aim to deploy seven million smart meters, eliminating inefficiencies in billing and improving service delivery. Nigerian NewsDirect+2Punch News+2Leadership News+2
These efforts are part of a broader strategy to leverage Nigeria’s vast energy resources for industrial development, economic diversification, and long-term prosperity.
