She explained that increased local refining has reduced pressure on the naira by cutting dependence on imported fuel and lowering demand for foreign exchange.
“Every cargo of imported petrol was a demand for scarce dollars and a structural drain on the economy. As local refining has increased, that pressure has reduced,” she said.
According to her, petrol imports dropped from about N2.3 trillion in the first quarter of 2025 to less than N90 billion a year later, adding that energy security and currency stability were closely linked.
On crude oil and condensate production, Verheijen said Nigeria had regained investor confidence, with output averaging 1.64 million barrels per day in 2025 — an increase of about 400,000 barrels per day since 2023.
She added that over $4 billion in international oil company divestments had been completed, strengthening Indigenous participation in onshore operations while major companies focus more on deepwater and integrated gas projects.
“Every additional barrel matters — for revenue, jobs, and the strength of the federation,” she said.
Reflecting on the state of the sector when the administration assumed office in 2023, Verheijen said the industry faced major challenges, including an unsustainable fuel subsidy regime, foreign exchange distortions, declining production, and rising debt in the power sector.
She said the government responded by removing the fuel subsidy and reforming the exchange rate, describing the decisions as difficult but necessary.
The reforms, she noted, contributed to an increase in federation revenue from about N12 trillion in 2023 to approximately N21 trillion in 2024.
Verheijen also said that despite the deregulation of the sector, the country has avoided the prolonged fuel queues that previously characterised petrol scarcity. (NAN) geria’s Petrol Production Rises to 48 Million Litres Daily After Years of Dependence on Imports
The Federal Government has announced that Nigeria’s local petrol production has increased from almost zero in 2023 to about 48 million litres per day.
Mrs Olu Verheijen, Special Adviser to the President on Oil and Gas, disclosed this during the Nigerian-British Chamber of Commerce Energy Day 2026 in Lagos. The presentation, titled “Energy in Nigeria: From Potential to Reality,” was made available to the News Agency of Nigeria on Tuesday.
Verheijen said that for the first time in a generation, most of the petrol consumed in Nigeria is now refined domestically.
She explained that increased local refining has reduced pressure on the naira by cutting dependence on imported fuel and lowering demand for foreign exchange.
“Every cargo of imported petrol was a demand for scarce dollars and a structural drain on the economy. As local refining has increased, that pressure has reduced,” she said.
According to her, petrol imports dropped from about N2.3 trillion in the first quarter of 2025 to less than N90 billion a year later, adding that energy security and currency stability were closely linked.
On crude oil and condensate production, Verheijen said Nigeria had regained investor confidence, with output averaging 1.64 million barrels per day in 2025 — an increase of about 400,000 barrels per day since 2023.
She added that over $4 billion in international oil company divestments had been completed, strengthening Indigenous participation in onshore operations while major companies focus more on deepwater and integrated gas projects.
“Every additional barrel matters — for revenue, jobs, and the strength of the federation,” she said.
Reflecting on the state of the sector when the administration assumed office in 2023, Verheijen said the industry faced major challenges, including an unsustainable fuel subsidy regime, foreign exchange distortions, declining production, and rising debt in the power sector.
She said the government responded by removing the fuel subsidy and reforming the exchange rate, describing the decisions as difficult but necessary.
The reforms, she noted, contributed to an increase in federation revenue from about N12 trillion in 2023 to approximately N21 trillion in 2024.
Verheijen also said that despite the deregulation of the sector, the country has avoided the prolonged fuel queues that previously characterised petrol scarcity. (NAN)
