Nigerian Energy Companies are Expecting $13.5 billion in 12 Months- Presidency

The presidency has disclosed that energy companies in Nigeria are expecting investments worth $13.5 billion within the next 12 months.

This was made known by the Special Adviser to the President on Energy, Olu Verheijen, in her goodwill message at the 2023 Annual Dinner of the Independent Petroleum Producers Group (IPPG), held in Lagos.

Verheijen said her engagements with the stakeholders had shown that there were massive investment opportunities for the sector, which is estimated at $55.2 billion opportunities by 2030.

She said the administration of Tinubu, in line with its “Renewed Hope Agenda”, remained committed to improving the business and investment climate in the country, including the energy sector.

As she had expressed at other stakeholder engagements in the sector, Verheijen said the president was fully committed to the development of the energy sector and was actively exploring all areas to improve revenue and the economy, in general.

She maintained that the oil and gas sector remained critical in that regard, despite current production levels falling significantly short of the country’s potential.

Verheijen stated, “My office has since started work on key areas of reform to spur the growth of the energy sector, which would also positively impact the livelihood of the average Nigerian and small businesses.

“Recently, the president approved the Import Duty Waiver aimed at increasing the utilisation and supply of gas in the domestic market. This waiver covers the importation of all equipment related to Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG), as well as machinery, equipment and spare parts into the Nigerian market for the utilisation of Nigerian gas.”

The presidential aide added that there were ongoing discussions aimed at improving the energy landscape and security and implementing the appropriate fiscal incentives for growth.

She stated that more incentives that would boost oil and gas investments in the country, and generally improve the energy sector were being expected.