Nigeria unlocks over $10bn in FID through oil sector reforms since 2023

The federal government has unlocked more than $10 billion in Final Investment Decisions (FID) in the oil and gas sector through upstream reforms since 2023. Over the period under review, contracting timelines in the sector have also been reduced by more than 50 per cent. The Special Adviser to President Bola Ahmed Tinubu on Energy, Mrs Olu Verheijen, shared this in her guest lecture at the 13th Olusegun Agagu Memorial Lecture in Lagos. The topic was “Africa’s Resources, Africa’s Prosperity: Capturing More of the Value We Create.” She shared this on her X handle on Wednesday. She stressed that the country has exported crude oil and refined products for years. Verheijen added that the Dangote Petroleum Refinery and Petrochemicals is now a model of large-scale value addition. “For years, we exported crude and imported refined products. Today, the Dangote Refinery demonstrates what value addition at scale can mean.