The Federal Government has said that ongoing reforms in the oil and gas sector under President Bola Tinubu’s administration have repositioned gas as the cornerstone of Nigeria’s industrialisation drive, improved investor confidence, increased the adoption of cost-reflective electricity tariffs to 45 per cent, and raised the national electricity metering rate to about 57 per cent.
This was disclosed in Lagos by the Special Adviser to the President on Energy, Mrs. Olubukola Arowolo Verheijen, during the Nigerian British Chamber of Commerce (NBCC) Energy Day themed “Energy in Nigeria: From Potential to Reality.”
Verheijen stated that gas is now central to Nigeria’s development strategy, playing a critical role in power generation, fertiliser production, petrochemicals, clean cooking, transport, exports, and manufacturing. She noted that Nigeria holds over 215 trillion cubic feet of proven gas reserves, with production levels also increasing.
She emphasised that the goal is not just higher production but ensuring that gas drives domestic industrial growth, job creation, and export expansion.
According to her, recent government bond measures aimed at addressing power sector debts were not a bailout but a structured financial reset designed to clear verified arrears, restore liquidity, and rebuild investor confidence.
She also highlighted progress in the power sector, noting that metering coverage has risen significantly through the deployment of hundreds of thousands of new meters annually, while tariff reforms are being implemented to reflect service quality and improve sector sustainability.
Verheijen added that reforms have helped restore investor confidence, with Nigeria’s share of Africa’s upstream final investment decisions rising sharply from about 4 per cent in 2023 to around 40 per cent in 2025.
The Managing Director of Renaissance Africa Energy Company Limited, Tony Attah (represented by Emeka Morah), also said Nigeria must leverage its domestic gas resources to drive industrialisation, energy security, and sustainable development.
He noted that the company’s vision is to become a leading African energy player while supporting industrial growth through reliable energy supply.
Similarly, the President of the NBCC, Abimbola Olashore, said the theme of the event reflects the urgent need to convert Nigeria’s energy potential into real economic development, industrial growth, and shared prosperity.
He added that ongoing reforms, including the Petroleum Industry Act and increased investment in gas and renewable energy, are strengthening Nigeria’s position as a key global energy destination.
The Managing Director of Aradel Holdings, Adegbite Falade, also stressed the need for Nigeria to expand energy production while ensuring cleaner, more reliable supply that supports industrialisation, technology development, and national prosperity.
