Lawrence Olaoye 
The Federal Government has said its major energy sector reforms since June 2023 are designed to address the energy needs of 100 million people.
The reforms include five new presidential directives to reduce the cost and time required to contract gas projects, alongside the launch of a $550 million upstream gas project to strengthen the gas industry.
Olu Verheijen, the Special Adviser to President Bola Tinubu on Energy, said this at the inaugural US-Nigeria Strategic Energy Dialogue hosted by the US State Department in Washington DC.
In a statement yesterday, Verheijen said the dialogue was established in June 2023 to create a platform for the US and Nigerian governments and private sector to deepen bilateral cooperation to advance the implementation of shared energy and climate action ambitions.
She said: “Nigeria’s energy reforms are centred on creating a robust regulatory framework to attract investment, particularly in gas production for power generation, transportation, and clean cooking. “The goal is to close the energy access gap for 100 million Nigerians who still lack reliable power.
“This dialogue allows us to align with partners and ensure targeted collaboration with tangible outcomes.” The presidential aide highlighted the key reforms the government had launched to improve the viability of the gas-to-power value chain since Tinubu assumed office.
These include initiatives to improve cash flows in electricity distribution through smart metering, the payment of outstanding debts owed to investors, and reducing carbon emissions from gas production. She added that the reforms aim to unlock up to $2.5 billion in oil and gas investments.
Verheijen said the reforms have since started yielding results, with the recent announcement of a Final Investment Decision (FID) in a new $550 million upstream gas project that will deliver 350 million standard cubic feet of gas per day when operational.
Verheijen affirmed her optimism about the bright prospects for Nigeria’s energy sector, especially with the renewed focus on gas as a transition fuel in the race to meet the country’s commitments to the Paris climate agreement.
She said: “We see resilient demand for gas through the energy transition as it is a readily available, cost-effective backup to renewables while cutting emissions by half immediately.” The Nigerian delegation to the event, which took place on September 11 and 12, was led by the Minister of State for Petroleum Resources, Ekperikpe Ekpo.
