Nigeria’s efforts to expand its energy sector will play a pivotal role in shaping Africa’s industrial and economic trajectory, according to the Special Adviser to President Bola Tinubu on Energy, Olu Verheijen.
Verheijen made the assertion at the ongoing Nigeria International Energy Summit 2025 in Abuja.
She noted that the country’s progress in securing investments, boosting refining capacity, and improving electrification will have a transformative impact beyond its borders.
“As Africa’s foremost oil and gas producer, Nigeria is uniquely positioned to influence the continent’s energy trajectory. Our success in securing major investments, expanding domestic refining capacity, and enhancing electrification is not only a national achievement—it has far-reaching implications for regional energy security, intra-African trade, and industrialization,” she said.
She argued that increased energy security across Africa would lead to greater economic resilience, fostering sustainable job creation and economic diversification in the continent.
She added that Nigeria’s vast energy resources could be leveraged strategically for industrial growth and exports.
“A more energy-secure Africa translates into a more economically resilient Africa. By leveraging our vast energy resources for industrial development and strategic exports, we are laying the foundation for sustainable job creation, economic diversification, and long-term prosperity.
“The reforms we implement today will shape Africa’s energy future and define our role in the global economy. When the history of Africa’s industrial revolution is written, 2024 will be recognized as the year Nigeria ignited the transformation.”
She noted that nearly 600 million Africans—representing half of the continent’s population— wallow in energy poverty, lacking access to electricity.
“This widespread energy poverty continues to impede industrial growth, limit employment opportunities, and constrain economic prosperity across the continent.”
Major milestones in Nigeria’s Oil and gas sector in 2024
Making a case for Nigeria’s progress in the energy sector in 2024, Verheijen highlighted some milestones achieved by the country. They include:
- Increasing the country’s oil production by 500,000 bpd under the current administration.
- Achieving 2.06 million barrels per day in crude oil production.
- Securing three out of Africa’s four Final Investment Decisions (FIDs), valued at over $5.5 billion.
- Facilitated five major asset acquisitions
- Revived two domestic refineries, and commenced petrol production at Africa’s largest refinery.
Verheijen said, “These milestones were not a matter of chance but the result of deliberate strategy and decisive leadership.”
She noted that the growth witnessed in the oil and gas sector last year can be attributed to enhanced security in oil-producing regions.
She explained that the improved security was achieved through a data-driven security framework, implemented in collaboration with operators, the Office of the National Security Adviser, and the Ministry of Defence.
