Nigeria’s gross gas production has increased to 7.63 billion standard cubic feet per day (bscf/d), up from about 6.83 billion standard cubic feet per day recorded in 2023, according to the Presidency.
The disclosure was made by Olu Verheijen during the Nigerian-British Chamber of Commerce Energy Day 2026 held in Lagos.
Verheijen said Nigeria’s proven gas reserves have also grown to more than 215 trillion cubic feet, attributing the progress to targeted presidential directives aimed at improving investment conditions for deep-water projects, non-associated gas development and midstream infrastructure.
According to her, more than $4 billion in international oil company divestments have been redirected into deep-water and integrated gas projects, while reforms introduced by President Bola Ahmed Tinubu have significantly reduced the cost and time required to do business in the sector.
She explained that contract approval timelines, which previously took as long as 36 months, have been reduced to about 14 months, with the government targeting a further reduction to six months.
The presidential adviser noted that Nigeria’s share of African upstream Final Investment Decisions (FIDs) rose from about four per cent in 2023 to roughly 40 per cent across 2024 and 2025. She added that the improvement attracted about $10 billion in commitments, with a potential investment pipeline estimated at $500 billion.
Verheijen said several previously stalled projects, including the Bonga North, Ubeta and HI gas developments, have resumed, while new non-associated gas projects are expected to strengthen long-term supply for Nigeria’s liquefied natural gas exports.
She stressed that the administration views gas not only as a transition fuel but also as a key driver of industrialisation, supporting power generation, fertiliser production, petrochemicals, clean cooking, compressed natural gas transportation, manufacturing and exports.
On the power sector, Verheijen said the government is addressing longstanding financial challenges through the Presidential Power Sector Debt Reduction Programme. She revealed that the Federal Executive Council approved a bond programme of up to ₦4 trillion to clear verified debts owed to electricity generation companies and gas suppliers.
According to her, generation companies have already signed settlement agreements worth about ₦2.28 trillion, while a ₦501 billion first-series bond has been issued and oversubscribed. A second bond worth ₦729 billion is expected to complete the first phase of the programme.
Verheijen described the initiative as a strategic intervention designed to restore liquidity, rebuild investor confidence and create a stronger foundation for future investments across Nigeria’s energy value chain.