FG Targets $55.2bn Investments from Oil and Gas Sector

By Adedapo Adesanya

The Nigerian government is targeting an estimated $55.2 billion in oil and gas investments by 2030, according to the Special Adviser to the President Bola Tinubu on Energy, Mrs Olu Verheijen.

She said the government has wrapped up a series of strategic engagements with 15 leading international and independent oil and gas companies operating in Nigeria.

The President’s aide recently organised sessions in Lagos and Abuja in partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to review ways to improve the sector and address the nation’s revenue emergency whilst contributing to stabilising Nigeria’s economy.

Involved in the discussions were Chevron, Total, Shell, NAOC, Exxon Mobil, Seplat, Heirs Holdings, Waltersmith, and First E&P, among others.

Results of these talks disclosed significant investment opportunities totalling $55.2 billion out of which $13.5 billion is expected to be invested by these companies within 12 months from now.

During these consultations, participating operators shared insights into the challenges and barriers affecting their investment strategies and the swift rollout of planned projects.

Collectively, they also pinpointed key strategies that will ensure the delivery of 2.1 million barrels by December 2024, positioning Nigeria well ahead of President Tinubu’s campaign promise of 2.6 million barrels by 2027.

The proposed measures are also expected to cause a 100 per cent increase in gas production by 2027, exceeding President Bola Tinubu’s campaign pledge of 20 per cent growth in that sector. President Tinubu remains committed to overcoming these challenges, making Nigeria the top choice for energy sector investments.

“We are faced with a revenue crisis which is impacting all Nigerians. To urgently address this, President Bola Tinubu is actively seeking ways to grow revenue and forex to stabilize our economy and currency; and the oil and gas sector remains critical to our ability to do so despite current production levels falling significantly short of our potential,” Mrs Verheijen said.

“These strategic, high-level engagements with oil and gas producers will help fast-track bold reforms that will unlock investments required to restore and grow Oil and Gas Production in the short, medium, and long term. President Bola Tinubu is dedicated to enhancing the investment environment in Nigeria, positioning us as the preferred destination in Africa for the energy sector,” she added.