The Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, has shared the government’s strategies to increase Nigeria’s oil production to 4 million barrels per day (bpd) by 2030.
Speaking on Arise News, Verheijen explained that the government is working hard to bring back international oil companies (IOCs) and encourage local investors by providing better incentives and removing unnecessary bureaucratic obstacles.
Tinubu’s Personal Efforts
She revealed that President Tinubu has taken a direct approach in engaging global oil executives, ensuring they see Nigeria as a stable and attractive place to invest.
“All of the IOCs, their international leadership anytime they ask to meet him, he makes himself available. He takes it very seriously and he sits with them, tries to understand what those issues are,” she said.
Deepwater Investment is Key
According to Verheijen, increasing oil production must involve deepwater exploration. She noted that all relevant government agencies, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Federal Inland Revenue Service (FIRS), and the Nigerian National Petroleum Company (NNPC), are working together to implement the president’s policies efficiently.
Nigeria Among Top Gas Investment Destinations
One of the major steps taken by the administration is introducing executive orders to improve the financial framework for deep offshore investments. These orders reduce project delays, improve cost competitiveness, and offer tax benefits for oil and gas projects.
Because of these policies, Nigeria is now ranked among the top three most attractive destinations for gas investment globally.
“For the first time, we introduced deep offshore incentives for non-associated gas,” Verheijen said. She pointed to Shell’s Bonga North project as a success story, adding that similar incentives are available for upcoming deepwater projects.
She also mentioned that within months of introducing these incentives in early 2024, Total and NNPC decided to invest $550 million in a non-associated gas field.
Oil Output Up by 500,000 Barrels in Two Years
Verheijen highlighted that oil production has already increased by 500,000 bpd in less than two years. According to NUPRC data, Nigeria’s oil production, including condensates, reached 1.73 million bpd in January 2025 up from 1.2 million bpd when President Tinubu took office.
She attributed this growth to the government’s focused approach to tackling security challenges in the Niger Delta, working closely with security agencies and oil operators to protect pipelines from vandalism and theft.
“One of the things we saw was that the terminal factor for the Trans-Niger pipeline, a major trunk line in the eastern part, was about 10% when we assumed office. By the end of last year, it was close to 90%,” she stated.
With a combination of investment-friendly policies and security improvements, Nigeria is on track to meet its ambitious 4 million bpd oil production target by 2030.
