Key points
- Nigeria’s gross gas production rises to 7.63 billion standard cubic feet per day from 6.83 billion in 2023
- Proven gas reserves now exceed 215 trillion cubic feet
- Presidency says reforms boosted investment in deep-water and gas projects
- Nigeria’s share of African upstream investment decisions rises from 4% to about 40%
- Government approves up to N4tn bond programme to clear power sector arrears
Main story
Nigeria’s gross gas production has increased to 7.63 billion standard cubic feet per day (scf/day) from about 6.83 billion scf/day in 2023, according to the Presidency.
The Special Adviser to the President on Oil and Gas, Mrs Olu Verheijen, disclosed this at the Nigerian-British Chamber of Commerce Energy Day 2026, according to a presentation made available to the News Agency of Nigeria (NAN). Verheijen said Nigeria’s proven gas reserves have also risen to more than 215 trillion cubic feet (tcf), attributing the growth to presidential directives aimed at improving conditions for deep-water projects, non-associated gas development and midstream infrastructure investment.
She said the reforms helped redirect more than $4 billion from international oil company divestments into deep-water and integrated gas projects while also reducing the cost and duration of contracting processes. According to her, 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, attracting about $10 billion in commitments.
The presidential aide said previously stalled projects, including Bonga North, Ubeta and HI gas developments, had resumed while new non-associated gas projects were being developed to support long-term LNG export growth. She added that the Tinubu administration was positioning gas as a foundation for industrialisation, supporting power generation, fertiliser production, petrochemicals, clean cooking, compressed natural gas (CNG) transport, manufacturing and exports. Verheijen also highlighted efforts to restore financial viability to the gas-to-power value chain through the Presidential Power Sector Debt Reduction Programme.
She said the Federal Executive Council approved a bond programme of up to N4 trillion to settle verified arrears owed to generation companies and gas suppliers. According to her, generation companies have signed settlement agreements worth about N2.28 trillion, while a N501 billion first-series bond has already been issued and oversubscribed.
A second bond issuance valued at N729 billion is expected to complete the first phase of the programme.
The issues
- Increasing gas production and reserves
- Attracting investment into deep-water and gas projects
- Expanding gas utilisation for industrialisation
- Reviving stalled energy projects
- Addressing liquidity challenges in the power sector
What’s being said
“Nigeria’s share of African upstream Final Investment Decisions rose from about four per cent in the year 2023 to roughly forty per cent across 2024 and 2025.” — Olu Verheijen, Special Adviser to the President on Oil and Gas, on the impact of recent reforms on investment flows.
“With the development, about 10 billion dollars was committed with a visible pipeline of some 500 billion dollars ahead.” — Verheijen, on investment commitments attracted to the sector.
“When Nigeria improves the rules of the game, capital returns to the field.” — Verheijen, explaining the relationship between reforms and investment growth.
Bottom line
The Presidency says reforms in the oil and gas sector have boosted production, reserves and investment, while a multi-trillion-naira debt settlement programme is being deployed to strengthen the gas-to-power value chain and support broader industrial development.
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