Ms. Olu Verheijen, the Special Adviser on Energy to President Bola Ahed Tinubu, has underscored the administration’s commitment to prioritizing security and Niger Delta development investments in its efforts to enhance oil production within the country. These critical insights were shared during her recent interview with CNBC Africa, conducted on the sidelines of the Africa Oil Week conference, held earlier this month.
In the course of the interview, Ms. Verheijen emphasized that the government is keenly aware of the imperative to address security concerns, particularly the rampant issue of crude oil theft, in the Niger Delta region. Simultaneously, it recognizes the importance of fostering regional development to provide alternative employment opportunities for the burgeoning youth population. These measures are essential not only to protect oil and gas assets but also to bolster the overall stability and prosperity of the region.
A key highlight from her interview was her statement that the Tinubu administration is poised to be characterized by its friendliness towards investors. According to Ms. Verheijen, the deployment of private capital is a catalyst for economic growth and job creation. She emphasized the government’s determination to streamline bureaucratic processes, making them more efficient and investor-friendly. She cited the example of project execution timelines, emphasizing that reducing these timelines is critical to attracting capital and fostering competitiveness.

Ms. Verheijen further elaborated that the government’s engagement strategy prioritizes existing oil and gas investors already operational in Nigeria before actively courting new entrants. This approach is grounded in the belief that understanding the needs and concerns of current investors is crucial for building a conducive investment climate. These engagements have yielded substantial results, with a staggering $55 billion worth of investments lined up to bolster the country’s energy and oil production sectors.
In addressing the environmental concerns associated with energy production, Ms. Verheijen emphasized the administration’s commitment to mitigating environmental impact. This includes efforts to reduce gas flaring and minimize energy emissions, which are critical to attracting capital from environmentally conscious investors.
She articulated the government’s stance as follows: “If it takes 6 weeks to 3 months to execute projects in other regions, and takes you four years in your environment, no one is going to deploy capital. That is within your control, and so we are taking on the things that are within our control so we can become competitive for capital.”
Ms. Verheijen’s candid remarks on the government’s approach to private capital deployment and its commitment to improving the investment climate reflect the administration’s determination to foster economic growth and enhance energy production. This vision aligns with the overarching goal of securing Nigeria’s energy future while ensuring sustainable and environmentally responsible practices.
One pivotal element in this vision is the responsible utilization of natural gas, which Ms. Verheijen emphasized as a crucial energy source for Nigeria’s growth. As the nation grapples with the impact of climate change, the responsible and sustainable use of natural gas can play a pivotal role in meeting energy consumption demands. Furthermore, enhancing security in the Niger Delta region can facilitate the availability of associated gas, thereby contributing to the sustainable development of Nigeria’s energy resources.
Concurrently, the administration is committed to improving the fiscal environment surrounding non-associated gas. Ms. Verheijen also alluded to the issue of gas pricing, particularly in light of the high-cost environment. The government’s objective is to ensure that consumers are shielded from multiple price increases triggered by inflation, thus underscoring its commitment to promoting affordability and accessibility in the energy sector.
The backstory to Ms. Verheijen’s recent insights reveals a proactive engagement with oil and gas investors and industry stakeholders. As reported by Infostride News in September 2023, her office, in collaboration with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), conducted a series of strategic discussions with fifteen leading international and independent Oil and Gas Companies operating in Nigeria, including industry giants such as Chevron, Total, Shell, NAOC, Exxon Mobil, Seplat, Heirs Holdings, Waltersmith, and First E&P, among others.
These engagements have culminated in the identification of significant opportunities, with a staggering estimated investment projection of $55.2 billion by 2030. A substantial portion of this sum, approximately $13.5 billion, is anticipated to be invested by these prominent companies within the next twelve months. This highlights the attractiveness and potential of the Nigerian energy sector, showcasing the country as a destination of choice for substantial private investments.
In conclusion, Ms. Olu Verheijen’s interview underscores the Tinubu administration’s unwavering commitment to enhancing oil production and fostering economic growth in Nigeria. The administration’s priorities include addressing security challenges, promoting regional development, streamlining bureaucratic processes, and attracting private capital to drive sustainable energy solutions. This proactive and investor-friendly approach holds the promise of substantial investments and the responsible utilization of natural gas, aligning with the nation’s energy and environmental goals for the future. These initiatives, together with ongoing engagements with key industry players, signal a promising outlook for Nigeria’s energy sector and its broader economic landscape.
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