Nigeria Reports Higher Gas Output

Nigeria’s gross gas production increased to 7.63 billion standard cubic feet per day from roughly 6.83 billion standard cubic feet per day in 2023, the presidency announced.

Mrs. Olu Verheijen, the President’s Special Adviser on Oil and Gas, presented this information at the Nigerian‑British Chamber of Commerce Energy Day 2026.

A transcript of her presentation, held recently in Lagos, was supplied to the News Agency of Nigeria on Tuesday.

Verheijen also revealed that the country’s proven gas reserves now exceed 215 trillion cubic feet.

She attributed the substantial rise to presidential directives that improved the business environment for deep‑water, non‑associated gas, and midstream infrastructure.

The adviser noted that more than four billion dollars in international oil company divestments were redirected toward deep‑water and integrated gas projects.

She said the achievement was also due to the Tinubu administration’s efforts to reduce the cost of doing business.

According to her, contracting times that once spanned thirty‑six months now average around fourteen months, with a target of six months.

“The market responded. Nigeria’s share of African upstream final investment decisions rose from about four per cent in 2023 to roughly forty per cent across 2024 and 2025,” she said.

“With the development, about 10 billion dollars was committed with a visible pipeline of some 500 billion dollars ahead.”

“Stalled projects are moving again, including Bonga North, Ubeta and HI gas developments and new non‑associated gas projects that anchor long‑term supply to our LNG exports.”

“When Nigeria improves the rules of the game, capital returns to the field,” she added.

Beyond boosting production, the special adviser said the administration has positioned gas as a foundation for industrialisation.

She explained that the government views gas not merely as a transition fuel but as a development fuel essential to power, fertiliser, petrochemicals, clean cooking, CNG transport, LNG exports, and manufacturing.

“The goal is not simply to produce more gas; it is to ensure Nigerian gas becomes Nigerian power, Nigerian products, Nigerian jobs and Nigerian exports.”

“A nation does not grow wealthy by owning resources; it grows wealthy by converting them into value,” she said.

Verheijen said Tinubu’s administration is restoring financial viability to the gas‑to‑power chain.

She noted that the power sector had long been hampered by accumulated arrears, weak payment discipline and tariff distortions.

She said the Presidential Power Sector Debt Reduction Programme was designed to address these challenges directly.

The adviser recalled that the Federal Executive Council approved a bond programme of up to N4 trillion to settle verified generation and gas‑company arrears.

“Under it, generation companies have signed full and final settlement agreements worth about N2.28 trillion.”

“The N501 billion Series 1 bond was issued and oversubscribed, with payments to generation and gas companies now underway.”

“A second series of N729 billion will follow to complete the first phase,” she said.

Verheijen reiterated that the fund was not a bailout but a strategic reset that cleared verified arrears, restored liquidity, and gave operators the footing to invest with confidence. (NAN)