Nigeria Needs $38.3bn to Address Oil and Gas Funding Gap

Olu Verheijen, special advisor to the president on energy, stated that Nigeria needs $38.3 billion in additional financing to close the funding gap in its oil and gas sector. Speaking at the 25th Nigeria Oil and Gas Energy Week conference in Abuja, Verheijen emphasized that while Nigeria has made significant progress in reforming its energy sector, financing remains one of the biggest challenges to unlocking the country's full oil and gas potential.

She noted that the financing gap cannot be closed through rhetoric alone and requires credible rules and bankable projects. Verheijen highlighted that Nigeria's upstream projects are valued at $50 billion, with $10 billion in long-delayed final investment decisions.

She also mentioned that crude oil and condensate production has increased to 400,000 barrels per day in 2023, with a target of reaching three million barrels per day by the end of the decade. Additionally, she discussed the importance of reforms in the power sector, which are aimed at restoring confidence across the power value chain.