Nigeria requires an additional $38 billion in investment over the next five years to achieve its target of producing 3 million barrels of crude oil per day and 10 billion standard cubic feet of natural gas daily by 2030, according to the Federal Government.
The funding requirement was disclosed by the Special Adviser to the President on Energy, Olu Verheijen, during the 2026 Nigerian Oil and Gas (NOG) Energy Week in Abuja.
Verheijen said independent industry assessments estimate that Nigeria will require about $60 billion in total investment to achieve its 2030 production targets. With approximately $22 billion in investment commitments already secured, the country still faces a financing gap of around $38 billion.
“To sustain the current production base and achieve our 2030 targets, independent analyses indicate a financing gap of about $38 billion. That gap cannot be closed by rhetoric, and it cannot be closed by Nigeria alone,” she said.
The investment drive forms part of the Federal Government’s strategy to increase crude oil and natural gas production, strengthen export capacity, improve foreign exchange earnings and support long-term energy security.
According to Verheijen, Nigeria has secured more than $10 billion in Final Investment Decisions (FIDs) over the past three years, reflecting renewed investor interest in the country’s oil and gas sector following a series of policy and regulatory reforms.
She also said crude oil and condensate production has increased by more than 400,000 barrels per day since 2023, with combined output now exceeding 1.8 million barrels per day.
Verheijen attributed the improvement to enhanced security around oil-producing assets, regulatory reforms and operational improvements across the industry.
Speaking at the event, Wole Ogunsanya, President of the Petroleum Technology Association of Nigeria (PETAN), warned that sustaining higher production would require increased investment in upstream activities.
He said inadequate investment, ageing infrastructure and limited drilling programmes remain key challenges that could constrain Nigeria’s ability to meet its 2030 production targets.
“Without increased drilling activity and sustained capital investment, achieving the 2030 production targets will remain challenging,” Ogunsanya said.
Verheijen noted that global capital has become increasingly selective, making policy consistency, regulatory certainty and investor confidence essential to attracting long-term investment.
“Capital is no longer sentimental. It follows credibility,” she said.
Nigeria has set ambitious targets to raise crude oil production to 3 million barrels per day and natural gas output to 10 billion standard cubic feet per day by 2030 as part of efforts to maximise the country’s hydrocarbon resources, support domestic industrialisation and strengthen its position in global energy markets.
