Nigeria is projecting $20 billion in upstream oil and gas investments by 2029, aimed at boosting crude oil and gas production as part of broader energy sector reforms, according to Olu Verheijen, Special Adviser to President Bola Tinubu on Energy.
Speaking at the South-West Summit in Akure, Verheijen highlighted that the government’s reforms—such as the removal of fuel and foreign exchange subsidies—are intended to attract private capital and unlock growth across the energy value chain.
She noted that over $8 billion in new upstream gas investments have already been secured, with a further $20 billion expected within the next five years. The expansion of the Escravos–Lagos pipeline system will deliver gas to industries in Sagamu, Ibadan, and Ilorin, directly benefiting the South-West region.
Gas, Verheijen explained, will serve not only for power generation but also as feedstock for fertilizer, methanol, and petrochemical plants, strengthening Nigeria’s industrial base and reducing import dependence.
She added that new projects will support agriculture and local industries, create jobs, and lower costs for farmers, while fiscal reforms and deregulated refinery investments—such as Dangote Refinery’s expansion—will help Nigeria achieve fuel self-sufficiency and stabilize foreign exchange.
Verheijen concluded that ongoing energy and infrastructure initiatives, including the Presidential Metering Initiative (PMI) and Power Sector Debt Reduction and Distribution Reform Programmes (PSDRP), will further enhance electricity reliability, attract private investment, and drive inclusive economic growth.