The federal government on Saturday stated that Nigeria attracted about $60 billion in energy sector investments and pipeline commitments within the first three years of President Bola Tinubu’s administration, alongside a tenfold increase in its share of upstream Final Investment Decisions (FIDs).
In a 2023–2026 energy sector review released by the presidency, the government noted that Nigeria’s share of African upstream FIDs rose from four per cent prior to 2023 to 39 per cent between 2024 and 2025, positioning the country as the continent’s leading destination for oil and gas capital.
The infographics were developed by the State House Digital unit, with information from the Office of the Special Adviser on Energy to the President, Mrs. Olu Arowolo Verheijen.
The document, which assessed the administration’s performance across six reform pillars, added that about $10 billion in fresh upstream and midstream investments had already been secured, while an additional $50 billion in projects remained in the visible pipeline from 2026 onward.
According to the report, crude oil and condensate production increased to 1.6 million barrels per day in 2025, up from about 1.2 million barrels per day in 2023, representing what it described as the highest level in five years.
It added that gas production also rose to 7.63 billion standard cubic feet per day from 6.83 billion cubic feet per day recorded in 2023.
The government attributed the improvements to a series of policy measures, including the removal of petrol subsidy and the unification of the foreign exchange market, as well as a number of executive orders by the president, which it said helped restore investor confidence and macroeconomic stability.
Besides, it noted that the foreign exchange parallel market premium declined significantly from a peak of 69 per cent in 2022 to about 2.6 per cent currently, which it described as evidence of “real, not artificial stability.”
In the downstream segment, the report stated that local refining capacity increased from zero in 2023 to 48.2 million litres per day, driven by private sector participation and new supply frameworks.
It added that the country recorded zero petrol queues over the three-year period despite the removal of subsidy and deregulation of prices.
During the period under consideration, the document further noted that reforms boosted government revenues, with Federation Account Allocation Committee (FAAC) disbursements rising from N10.9 trillion in 2023 to N22.6 trillion in 2025, representing a 107 per cent increase.
In terms of operational efficiency and security, the government said pipeline uptime improved to 97 per cent as of March 2026, while illegal refining activities dropped from over 100 sites in 2023 to zero currently. It also stated that targeted security interventions and operator-led coordination contributed to the improvements.
The report added that about $4 billion in International Oil Company (IOC) divestments had been concluded, leading to increased indigenous participation in onshore oil production.
Providing more details on investment flows, the government stated that upstream FIDs worth $5.65 billion were recorded in 2024 alone, including projects such as Iseni, Ubeta and Bonga North, while additional large-scale projects remained in the pipeline.
It listed some of the $50 future upstream pipeline as Ima NAG; HA; Bonga Southwest; Zabazaba; Owowo; Bosi; Pereowei; Nsiko; Usan and Erha.
It also noted that Nigeria’s contracting timelines within the national oil company had reduced from about 36 months previously to roughly 14 months currently, with a target of six months, which it said was aimed at improving efficiency and competitiveness.
On gas and industrialisation, the government said reforms in the sector increased supply to power, fertiliser and petrochemical industries, with a $2 billion non-associated gas project reaching final investment decision. It added that key industrial players had been secured as offtakers to support domestic value addition.
The report also referenced efforts to drive energy transition, stating that about $2 billion in clean energy investments were unlocked between 2024 and 2025, alongside the rollout of compressed natural gas (CNG) initiatives and expanded clean cooking programmes.
In the power sector, the government reiterated that it recently launched a N4 trillion bond programme to address legacy debts owed to Generation Companies (Gencos), covering obligations accumulated between 2015 and March 2025.
To this end, it disclosed that N3.48 trillion had been negotiated as full and final settlement, while an initial N501 billion bond issuance was fully subscribed and already being disbursed.
The document added that eight out of 21 generation companies had signed final settlement agreements, with efforts ongoing to achieve full participation across the sector.
On metering, the government stated that coverage increased from 44.4 per cent in 2023 to 57.3 per cent in 2025, supported by the deployment of 1.5 million meters across distribution networks. It added that about $700 million had been secured to fund the rollout of an additional five million smart meters nationwide.
The report also stated that electricity subsidy reforms resulted in savings of about N1.2 trillion, as actual spending declined to N1.8 trillion compared to a projected N3 trillion without reforms. It added that about 45 per cent of electricity consumers are now on cost-reflective tariffs, while the remaining 55 per cent continued to receive targeted subsidies.
Furthermore, the government stated that metering expansion, tariff reforms and improved payment discipline were aimed at creating a more bankable electricity market capable of attracting private capital and improving supply reliability.
The document maintained that reforms in both the oil and gas sector and the electricity market were designed to work in tandem to drive industrialisation, job creation and economic diversification.
Looking ahead, the government restated that Nigeria could achieve oil production of up to 3 million barrels per day by 2030, supported by signed FIDs and a strong pipeline of future investments.
It added that without the reforms, production would have declined significantly, adding that current policies have reversed the trend and positioned the country for sustained growth.
Overall, the report asserted that the reforms have “stopped the bleeding, restored the market, and put the country back on a credible growth path,” while inviting further investment to shape the next phase of Nigeria’s energy sector development.
Emmanuel Addeh
