Nigeria is aiming to dramatically increase its oil and gas production by 2030, with plans to raise crude oil output to 4 million barrels per day and gas production to 10 billion cubic feet daily. The government is introducing fiscal incentives to attract new investments in the sector, such as VAT exemptions and tax credits for deep-water projects.
Despite a lack of major projects in recent years, Nigeria hopes to secure between $5 billion and $10 billion in new investments to achieve its ambitious goals. The country faces challenges including theft, vandalism, and underinvestment in the oil sector.
If successful, the increased production could create jobs, boost foreign exchange earnings, and position Nigeria as a key energy player in Africa. However, the country must address security issues, upgrade infrastructure, and navigate the global energy transition.
With 76% of Nigeria’s gas resources untapped, there is significant potential for growth. While the shift away from fossil fuels globally may impact long-term demand, Nigeria sees its resources as critical for economic development.
Ultimately, the success of Nigeria’s expansion plan hinges on overcoming obstacles and attracting foreign investment in a changing energy landscape.