Nigeria’s gross natural gas production has increased to 7.63 billion standard cubic feet per day, up from about 6.83 billion cubic feet per day recorded in 2023, according to the Presidency.
The Special Adviser to the President on Oil and Gas, Mrs. Olu Verheijen, made this known at the Nigerian-British Chamber of Commerce Energy Day 2026 held in Lagos, with her remarks later made available in Abuja on Tuesday.
She also disclosed that Nigeria’s proven gas reserves have grown to more than 215 trillion cubic feet.
According to her, the growth in output was driven by targeted presidential directives aimed at improving investment conditions in deep-water, non-associated gas and midstream infrastructure development.
Verheijen noted that more than $4 billion worth of divestment transactions by international oil companies have been redirected toward deep-water operations and integrated gas projects.
She added that reforms under President Bola Tinubu’s administration have helped reduce the cost and delays of doing business in the oil and gas sector.
She explained that contracting timelines, which previously stretched to about 36 months, have now reduced to an average of 14 months, with a government target of six months.
According to her, improved policy conditions have strengthened investor confidence, with Nigeria’s share of Africa’s upstream Final Investment Decisions rising from about 4 per cent in 2023 to roughly 40 per cent between 2024 and 2025.
She said about $10 billion in investments have already been committed, alongside a strong pipeline of future projects estimated at around $500 billion.
Verheijen listed ongoing developments such as Bonga North, Ubeta, HI gas projects, and other non-associated gas initiatives as part of efforts to boost long-term supply, particularly for LNG exports.
She stressed that regulatory reforms were helping to revive previously stalled projects and attract new capital into the sector.
The presidential aide further explained that gas is now being repositioned as a core driver of industrial growth rather than just a transition fuel.
She said the administration views gas as essential to power generation, fertiliser production, petrochemicals, clean cooking, CNG transport, LNG exports, and manufacturing expansion.
According to her, the objective is to ensure that Nigeria’s gas resources translate into domestic power, industrial output, job creation, and export earnings.
She added that economic progress depends not just on resource ownership but on converting those resources into tangible value.
Verheijen also said the administration is working to restore financial stability in the gas-to-power value chain.
She noted that long-standing challenges such as payment arrears, tariff distortions, and weak revenue discipline had previously strained the power sector.
To address this, she said the Presidential Power Sector Debt Reduction Programme was introduced to clear verified obligations.
She explained that the Federal Executive Council approved a bond programme of up to N4 trillion to settle outstanding debts owed to generation and gas companies.
According to her, power generation firms have already signed settlement agreements worth about N2.28 trillion.
She added that a N501 billion Series 1 bond has been issued and oversubscribed, with payments already being processed, while a second tranche of N729 billion is expected to follow.
Verheijen clarified that the initiative is not a bailout but a structured financial reset aimed at clearing verified arrears, improving liquidity, and restoring investor confidence in the sector.