ABUJA — The Special Adviser to President Bola Tinubu on Energy, Mrs. Olu Verheijen, has said Nigeria’s local content policy in the oil and gas industry must focus on creating real value for citizens rather than driving up costs, insisting that reforms in the sector are already attracting investment and restoring investor confidence.
Speaking at the 25th NOG Energy Week in Abuja, Verheijen said the country had entered “the age of Nigerian ambition,” arguing that policy reforms under the Tinubu administration were positioning Nigeria as a more competitive destination for global energy investment.
She noted that the global energy landscape had become increasingly competitive, with investors prioritising countries that offer stable regulations, credible policies and bankable projects. According to her, Nigeria is addressing these concerns through fiscal reforms, regulatory clarity, targeted incentives and faster approval processes.
Verheijen disclosed that Nigeria aims to raise crude oil production to three million barrels per day and gas output to 10 billion standard cubic feet per day by 2030. She added that more than $50 billion worth of upstream projects are in the investment pipeline, while over $10 billion in Final Investment Decisions (FIDs) have been secured in the last three years.
She also said crude oil and condensate production had increased by about 400,000 barrels per day since 2023, with onshore production reaching its highest level in two decades.
On the power sector, Verheijen said the Federal Government’s ₦4 trillion Presidential Power Sector Financial Reforms Programme was designed to restore confidence across the electricity value chain by resolving legacy debts and improving payment discipline.
She described natural gas as the backbone of Nigeria’s industrialisation agenda, saying it would drive electricity generation, fertiliser production, petrochemicals, compressed natural gas (CNG) mobility and cleaner household cooking.
Acknowledging the recent rise in cooking gas prices, she said government was expanding domestic LPG supply, strengthening market oversight and introducing tax incentives to improve affordability. She noted that the VAT Modification Order 2024 exempts LPG, cylinders, regulators, conversion kits and installation services from Value Added Tax, while import duty waivers have been granted for LPG infrastructure projects valued at about $92.6 million since January 2024.
Highlighting indigenous participation in the sector, Verheijen said local ownership in Nigeria’s gas industry had increased from 69 per cent to 83 per cent, citing the growth of companies such as Seplat, Oando and Renaissance as evidence of increasing Nigerian capacity.
“Local content must create value, not inflation. Regulation must accelerate, not obstruct. Policy must invite capital, not frighten it away,” she said, warning that unnecessary delays and regulatory bottlenecks could cost Nigeria investment opportunities and jobs.
While admitting that reforms had imposed short-term hardships on many Nigerians, Verheijen maintained that they were necessary to build a stronger economy and would ultimately translate into jobs, improved infrastructure and greater prosperity.
She called on Nigerians to assess the government’s performance based on measurable outcomes, including rising investment, increased production and improved credibility in the international energy market.
“The age of Nigerian hesitation is ending. The age of Nigerian ambition has begun,” she declared, adding that the country’s goal was to transform reforms into economic relief, investment into productive projects, and energy resources into sustainable national development.
Verheijen delivered the address at the opening of the 25th NOG Energy Week in Abuja.
