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Nigeria aims to boost oil production to 4 million bpd by 2030 through fiscal incentives and reduced bureaucracy
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President Tinubu engages with global oil executives to restore investor confidence in Nigeria’s oil sector
The Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, has detailed the administration’s strategy to boost Nigeria’s oil production to 4 million barrels per day (bpd) by 2030.
Speaking in an exclusive interview with Arise News on Wednesday, Verheijen stated that the government is offering fiscal incentives and removing bureaucratic hurdles to attract international oil companies (IOCs) and support local firms, as increased investment is key to reaching the target.
She highlighted President Tinubu’s proactive efforts to engage with global oil executives, emphasizing that his commitment has helped restore investor confidence in Nigeria’s oil sector.
“The president approached this with a highly analytical mindset. Early on, it was clear that this sector is vital to our short-term and long-term economic ambitions,” she said.
She noted that Tinubu has personally met with international oil executives multiple times, setting a leadership tone that signals Nigeria’s dedication to improving its investment climate.
“All IOCs and their top leadership—whenever they request a meeting, he makes himself available. He takes it seriously and engages with them to understand their concerns,” she added.
Verheijen stressed that expanding Deepwater oil exploration is crucial to achieving the 4 million bpd goal, stating, “Deepwater development is the only viable path to reaching this target.”
She assured that key agencies, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Federal Inland Revenue Service (FIRS), the Ministry of Finance, and the Nigerian National Petroleum Company (NNPC), are aligned to ensure the smooth execution of President Tinubu’s oil and gas policies.
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