FG Targets 4m bpd Oil Production by 2030

The Federal Government has announced plans to increase oil production to four million barrels per day (bpd) and 10 billion cubic feet (bcf) of gas production by 2030.

Special Adviser to the President on Energy, Olu Verheijen, stated that the feat would be achieved through commitment to reform agenda and unprecedented incentives for oil and gas production unveiled by the President Bola Tinubu’s administration.

Verheijen said, “Since President Tinubu assumed office in May 2023, the government has embarked on a series of new reforms to improve the competitiveness of its oil and gas industry. These reforms will create tens of thousands of new jobs, improve foreign exchange earnings, stimulate tax revenues, and contribute to Nigeria’s macroeconomic stability.”

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She added that the government is rolling out new fiscal incentives, including VAT waiver covering gas, diesel, electric vehicles, and clean cooking equipment, and tax credits for new investments in the exploration and production of deep water oil and gas.

“The incentives are in alignment with the Presidential Gas for Growth Initiative, which aims to fast-track the development of natural gas, displace fossil fuels in transport, promote affordability of gas, and bolster the country’s energy security,” Verheijen said.