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The energy sector has seen massive growth since President Tinubu’s administration began 3 years ago with myriad of reforms implemented across board.
Here are 15 major milestones in the sector.
NIGERIA’S ENERGY SECTOR RENAISSANCE: 15 MAJOR MILESTONES SO FAR
1. Total federation revenue increased to ₦21 trillion, nearly doubling from ₦12 trillion the previous year due to subsidy removal.
2. Fuel import costs collapsed from ₦2.3 trillion down to under ₦90 billion year-on-year.
3. Redesigned electricity subsidy segments successfully slashed the projected national subsidy burden by over ₦1 trillion.
1. Domestically refined petrol spiked from effectively zero to 48 million litres per day
2. Combined crude oil and condensate production reached 1.64 million barrels per day—marking a 400,000 bpd increase and hitting the highest onshore level in two decades.
6. Gross natural gas production advanced from 6.83 billion standard cubic feet per day (bscfd) to 7.63 billion bscfd.
1. Commercial focus active on a foundation of 215 trillion cubic feet (tcf) of proven natural gas reserves.
2. Nigeria’s share of African upstream Final Investment Decisions (FIDs) skyrocketed from a mere 4% to roughly 40%.
9. Secured $10 billion in committed capital, backing an active visible pipeline of $50 billion in future projects.
10. Project contracting cycles were aggressively reduced from 36 months down to 14 months (targeting 6 months).
11. Concluded over $4 billion in International Oil Company (IOC) onshore asset divestments to deepen indigenous market ownership.
12. Established the Presidential Power Sector Debt Reduction Programme with an approved bond structure of up to ₦4 trillion to clear legacy generation and gas arrears.
1. Concluded full and final settlement agreements with generation companies valued at ₦2.28 trillion.
14. Achieved a 57% national metering rate across consumers.
15. Successfully transitioned 45% of the power market over to cost-reflective, service-linked electricity tariffs.