The Federal Government has announced a major rise in local petrol production, stating that output has grown from virtually zero in 2023 to about 48 million litres per day.
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, held in Lagos. A text of her presentation was made available to the News Agency of Nigeria on Tuesday.
Speaking on the theme “Energy in Nigeria: From Potential to Reality,” Verheijen said the development marks a turning point in Nigeria’s energy sector, noting that most of the petrol consumed in the country is now refined locally for the first time in decades.
She explained that the increase in domestic refining has reduced pressure on foreign exchange demand, which she described as a long-standing burden on the naira. According to her, petrol imports dropped significantly from about N2.3 trillion in the first quarter of 2025 to less than N90 billion a year later.
“Energy security and currency stability are not separate goals. They are the same goal,” she said.
On crude oil performance, Verheijen stated that production averaged 1.64 million barrels per day in 2025, representing an increase of about 400,000 barrels daily since 2023 and the highest onshore output level in two decades.
She also disclosed that over $4 billion in international oil company divestments had been concluded, paving the way for increased indigenous participation in onshore operations, while multinational firms focus more on deepwater and integrated gas projects.
According to her, improvements have also been recorded in pipeline security, with reduced illegal refining and more stable infrastructure uptime.
Reflecting on the state of the sector in 2023, she said Nigeria’s oil and gas industry was under severe strain due to subsidy burdens, foreign exchange distortions, and declining investment confidence.
She noted that the administration responded with key reforms, including fuel subsidy removal and exchange rate adjustments aimed at restoring fiscal stability and encouraging investment.
Verheijen added that federation revenue rose to about N21 trillion in 2024, up from approximately N12 trillion in 2023, describing the increase as evidence of improved fiscal performance.
Despite deregulation, she said the government has managed to avoid the chronic fuel scarcity and nationwide queues that previously characterized the sector.
