...Says IOCs invested $82 billion in deepwater outside Nigeria since 2013
“We are also facilitating the transfer of onshore and shallow water assets to local companies with the capacity to grow production, while supporting the transition of International Oil Companies, with resilient capital, into deep offshore and integrated gas. We have unlocked over $1 billion in investments across the value chain and by the middle of 2025 we expect to see FID on two more projects, including a multibillion-dollar deepwater exploration project, which will be the first of its kind in Nigeria in over a decade – one of many to come.
Verheijen also addressed efforts by the Tinubu administration to revamp the nation’s power sector, with plans to provide more reliable electricity access for the 86 million Nigerians currently underserved.
She said the scheme aims to improve revenue assurance and collection.
Other key measures include tackling legacy debt, deploying seven million smart meters to reduce losses, and expanding off-grid solutions for remote communities.
By 2027, Nigeria aims to ensure 20 hours of electricity daily for consumers in urban areas and industrial hubs.
Highlighting recent macroeconomic reforms such as petrol subsidy removal and foreign exchange liberalization, Verheijen expressed confidence that Nigeria is set for unprecedented growth.
“Under President Tinubu’s leadership, Nigeria is championing reforms to unlock its vast economic potential and create jobs,” she concluded, inviting foreign partners to participate in Nigeria’s next chapter of growth.
“We are also facilitating the transfer of onshore and shallow water assets to local companies with the capacity to grow production, while supporting the transition of International Oil Companies, with resilient capital, into deep offshore and integrated gas. We have unlocked over $1 billion in investments across the value chain and by the middle of 2025 we expect to see FID on two more projects, including a multibillion-dollar deepwater exploration project, which will be the first of its kind in Nigeria in over a decade – one of many to come.
Verheijen also addressed efforts by the Tinubu administration to revamp the nation’s power sector, with plans to provide more reliable electricity access for the 86 million Nigerians currently underserved.
She said the scheme aims to improve revenue assurance and collection.
Other key measures include tackling legacy debt, deploying seven million smart meters to reduce losses, and expanding off-grid solutions for remote communities.
By 2027, Nigeria aims to ensure 20 hours of electricity daily for consumers in urban areas and industrial hubs.
Highlighting recent macroeconomic reforms such as petrol subsidy removal and foreign exchange liberalization, Verheijen expressed confidence that Nigeria is set for unprecedented growth.
“Under President Tinubu’s leadership, Nigeria is championing reforms to unlock its vast economic potential and create jobs,” she concluded, inviting foreign partners to participate in Nigeria’s next chapter of growth.