Connect with us

News

SA to the President on Energy, Olu Verheijen urges investors to seize new opportunities in Nigeria’s energy sector

Published

on

462 Views

…Says IOCs invested $82 billion in deepwater outside Nigeria since 2013

The Special Adviser to the President on Energy, Olu Verheijen has urged investors to seize new opportunities in Nigeria’s energy sector, highlighting untapped potential and recent reforms to attract capital.

Speaking to a diverse audience, at the ongoing African Energy Week in Cape Town, South Africa, she underscored the untapped potential within the industry and discussed the recent reforms implemented by the President Bola Tinubu administration to attract investment.

Verheijen noted that the country has historically underperformed in oil and gas production despite Nigeria’s wealth in the oil and gas industry.

She referenced how countries like Brazil that has only 30% of Nigeria’s oil reserves has outperformed by producing 131% more than current production of Nigeria.

“Despite our abundant endowments, we have underperformed against our potential. For example, Brazil holds only 30% of Nigeria’s oil reserves but produces 131% more.

This is largely due to under-investment,” she said. She said that since 2016, Nigeria has attracted only 4% of African oil and gas investments, while investment has surged in other, less resource-rich nations.

“Since 2016, Nigeria has managed to attract only 4 percent of total investments in oil and gas, while less resourced countries in Africa have enjoyed a bigger share.

When we analyzed investment data, we also found that, between 2013, when Nigeria’s last deepwater project reached FID, and now, IOCs operating in Nigeria have committed more than $82 billion in deepwater investments in other countries that they have deemed to be more attractive destinations for their capital.”

Recognizing this trend, the presidential aide highlighted many efforts by President Tinubu’s administration to enact reforms aimed at reshaping Nigeria’s investment landscape.

Among these initiatives, she said the government has introduced fiscal incentives targeting deep offshore and non-associated gas projects, marking the first time Nigeria has outlined a fiscal framework specifically for deepwater gas.

In efforts to enhance the upstream Oil and Gas sector, she said her office has collaborated closely with the office of the National Security Adviser to create and distribute focused Security Directives, leveraging insights garnered from on-ground operators.

Additionally, Verheijen revealed steps to streamline approval processes by clearly defining the regulatory scopes involved.

This initiative, she said, aims to significantly reduce the extended project timelines that have historically plagued the industry, as well as the high-cost premiums associated with operating in Nigeria.

She added, “Our target is to shorten the contracting timelines from an extensive 38 months to just 135 days, while also working to eliminate the 40% cost premium that currently exists within the Nigerian petroleum industry.

The presidential aide also revealed efforts by the current President Tinubu administration to further open up the oil and gas sector for bigger investments with a set of clear fiscal incentives for Non-Associated Gas and Deep offshore Oil & Gas exploration and production.

“This is the first time that Nigeria is outlining a fiscal framework for Deepwater gas since exploration in the basin commenced in 1991,” She said.

According to her, amongst other initiatives, there has been a focus on midstream and downstream investments in Compressed Natural Gas, (CNG), liquefied petroleum gas, and electric vehicles as part of the Presidential Gas for Growth Initiative.

She added that the administration has also worked to streamline regulatory processes, shorten project timelines, and reduce the high-cost premium of operating in Nigeria.

“We have also introduced fiscal incentives to catalyze investments in the midstream and downstream sectors, including, Compressed Natural Gas (CNG), Liquefied Petroleum Gas (LPG), and Mini Liquefied Natural Gas (LNG).

“These align with the broader Presidential Gas for Growth Initiative, which seeks to enable the displacement of PMS and Diesel in three key sectors: heavy transport, decentralised power generation and cooking.

These incentives are also stimulating demand for Electric Vehicles. “Our goal is to eliminate the 40% cost premium within the Nigerian petroleum industry and cut down contracting timelines from 38 months to 135 days,” Verheijen stated.

She said the government has unlocked over $1 billion across the energy value chain, with two more major investment projects expected by mid-2025.

“We are also facilitating the transfer of onshore and shallow water assets to local companies with the capacity to grow production, while supporting the transition of International Oil Companies, with resilient capital, into deep offshore and integrated gas.

We have unlocked over $1 billion in investments across the value chain and by the middle of 2025 we expect to see FID on two more projects, including a multibillion-dollar deepwater exploration project, which will be the first of its kind in Nigeria in over a decade – one of many to come.

Verheijen also addressed efforts by the Tinubu administration to revamp the nation’s power sector, with plans to provide more reliable electricity access for the 86 million Nigerians currently underserved.

She said the scheme aims to improve revenue assurance and collection. Other key measures include tackling legacy debt, deploying seven million smart meters to reduce losses, and expanding off-grid solutions for remote communities.

By 2027, Nigeria aims to ensure 20 hours of electricity daily for consumers in urban areas and industrial hubs.

Highlighting recent macroeconomic reforms such as petrol subsidy removal and foreign exchange liberalization, Verheijen expressed confidence that Nigeria is set for unprecedented growth.

“Under President Tinubu’s leadership, Nigeria is championing reforms to unlock its vast economic potential and create jobs,” she concluded, inviting foreign partners to participate in Nigeria’s next chapter of growth.

Abiodun OladunjoyeDirector of Information State House, AbujaNovember 7, 2024

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

UBEC Unlocks Over ₦100 Billion in Education Grants For States, FCT.

Published

on

12 Views

The Universal Basic Education Commission (UBEC) says it has facilitated the release and utilisation of more than ₦100 billion in previously unaccessed matching grants by states and the Federal Capital Territory, marking a major boost for basic education development across Nigeria.

UBEC Executive Secretary, Aisha Garba, disclosed this during a media luncheon with education correspondents in Abuja, describing the achievement as a significant step in advancing the Federal Government’s Renewed Hope Agenda for education.

Garba said the commission is implementing a results-driven strategy under its 2025–2031 Strategic Blueprint, aimed at improving access to quality basic education, strengthening learning outcomes and expanding opportunities for millions of Nigerian children.

She noted that the newly accessed funds are being deployed to upgrade school infrastructure, support teacher development and enhance the learning environment nationwide.

Track Up:

According to the E.S, UBEC’s partnership with State Universal Basic Education Boards has led to the construction of more than 4,600 classrooms and the renovation of over 6,100 others.

The commission has also provided 2,780 toilets, 678 boreholes and more than 334,000 pieces of school furniture, while establishing over 2,300 Early Childhood Care Development and Education Centres across the country.

The Executive Secretary highlighted teacher development as a key priority, revealing that UBEC has invested over ₦20.4 billion in professional training programmes. She said the intervention is designed to improve classroom instruction, strengthen school leadership and promote accountability through the Effective Schools Programme and School-Based Management Committees.

Meanwhile, Chairman, Education Correspondents Association of Nigeria ( ECAN), Chux Ukwato, and Chairman, Nigerian Union of Journalist, FCT council, comrade Grace Ike, emphasized importance of media engagement in promoting and showcasing achievements of the commission, calling for more synergy between ECAN and UBEC

Continue Reading

News

Oluwabukolami Adeyemi Graduates with First-Class Law Degree on Yahaya Bello Scholarship (Photos)

Published

on

11 Views

Oluwabukolami Adeyemi, the overall best student in the 2023 Cambridge IGCSE and AS Level Examinations, has added another remarkable feat to her academic journey by graduating with a First-Class Honours degree in Law from Newcastle University in the United Kingdom.

Adeyemi’s outstanding performance in the 2023 Cambridge examinations, where she emerged top among over 100 participants from more than 100 countries, earned her widespread acclaim both in Nigeria and internationally.

Prominent figures, including President Bola Ahmed Tinubu and former Labour Party presidential candidate Peter Obi, publicly commended the young scholar for her exceptional academic excellence.

Hailing from Yagba West Local Government Area of Kogi State, Adeyemi was received in August 2023 by the then Governor of Kogi State, Yahaya Bello, at the Government House. In recognition of her achievements, Bello awarded her a full scholarship covering tuition, accommodation, and living expenses for her undergraduate studies in the UK.

The former governor’s investment has yielded impressive results. Adeyemi recently graduated with First-Class honours in Law, justifying the confidence reposed in her.

Elated by her success, Yahaya Bello has offered the academic standout another scholarship to pursue a Master’s degree in the United Kingdom.

In an emotional video message, Adeyemi expressed heartfelt gratitude to the former governor, describing him as “God sent to humanity.”

Her father, Olumide Adeyemi, also conveyed deep appreciation, noting that Bello’s intervention ensured his daughter’s academic brilliance was not dimmed by financial constraints.

“Despite her sterling academic ingenuity, it would have been difficult for me to guarantee the actualisation of her dreams of foreign education,” Engr. Adeyemi said. He added that Bello’s gesture has benefited many other students and prayed for the former governor’s continued good health and fulfilment of his aspirations.

The scholarship was formally fulfilled in September 2023, following Adeyemi’s receipt of the prestigious Cambridge award for recording the highest scores in the 2022/2023 IGCSE and AS Level Examinations across 146 countries.

Continue Reading

News

Anambra Achieves ‘100% Healthy’ Rating in Open Government Partnership Subnational Ranking

Published

on

32 Views

By Christian ABURIME

In a strong validation of institutional transparency and accountability, Anambra State has attained the highest possible “100% Healthy” rating in the latest Open Government Partnership (OGP) Nigeria Subnational Status Ranking released in July 2026.

The ranking evaluates participating states across a rigorous nine-point framework that measures genuine openness, accountability, and citizen engagement in governance. Anambra’s perfect score reflects full compliance and strong performance across all assessed criteria, based on verifiable actions rather than declarations.

Under the leadership of Governor Chukwuma Charles Soludo, CFR, the state has embedded a culture of structured governance that prioritises systems, predictability, and measurable results. The OGP assessment highlights Anambra’s political will, resource commitment, and consistent implementation of open government reforms.

“This rating is not an isolated achievement but the natural outcome of a deliberate approach to public administration,” sources familiar with the state’s reforms noted. Governor Soludo’s background as an economist and institution-builder has shaped policies that favour enduring structures over short-term visibility.

The state’s performance aligns with broader gains in service delivery, including notable improvements in primary healthcare that have earned recognition from international partners such as the World Health Organisation (WHO), UNICEF, and Médecins Sans Frontières.

A “100% Healthy” status signals to investors, development partners, and citizens that Anambra’s regulatory, fiscal, and accountability mechanisms are robust and operational. It positions the state as one of the few in Nigeria with independently verified governance architecture that emphasises transparency as a core operating principle.

The OGP framework operates in continuous cycles of commitment, co-creation, and implementation. Officials say Anambra’s leadership is focused on sustaining and deepening these reforms rather than resting on the current achievement.

In a political landscape often dominated by rhetoric, Anambra’s verified success underscores the compounding value of credibility built on measurable processes. The state continues its upward trajectory, reinforcing its reputation for commercial dynamism and sound governance.

Continue Reading

Trending