Local Petrol Production Hits 48m Litres per Day, FG Says

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The federal government has achieved a major milestone in the oil and gas sector with local petrol production hitting 48 million litres per day. This is a far cry from 2023 when local production was virtually zero. The feat was announced by Mrs Olu Verheijen, Special Adviser to the President on Oil and Gas, at the Nigerian-British Chamber of Commerce Energy Day 2026. According to her, this remarkable achievement is a result of the administration's efforts to revamp the sector which was previously under severe strain.

The sector was under severe strain when the current administration took over in 2023. Production was below potential; power-sector debt was strangling the gas-to-power chain. The country had resources, but the system was not converting them into national value. So, our first task was to stop the bleeding and rebuild the foundations, Mrs Verheijen said.

The government removed the fuel subsidy and reformed the exchange rate, which restored fiscal credibility and helped increase total federation revenue to about N21 trillion in 2024, up from roughly N12 trillion in 2023 – nearly doubling in a single year. The results are visible, she said. This has also contributed to a significant reduction in the pressure on the naira due to lower demand for scarce dollars.

Mrs Verheijen noted that despite the deregulation, the government has prevented the chronic nationwide petrol queues that once defined scarcity. She also disclosed that over four billion dollars in international oil company divestments had been concluded. This has helped deepen indigenous participation in onshore, while the majors refocused on deepwater and integrated gas.

Pipeline uptime is now consistently high, and illegal refining sharply reduced, Mrs Verheijen said. Every additional barrel matters — for revenue, for jobs, and for the strength of the federation, she added.

And to put this into perspective, crude oil and condensate production averaged 1.64 million barrels per day in 2025. This is up by roughly 400,000 barrels a day since 2023 and is at the highest onshore level in two decades. So what does this mean for the Nigerian economy? For one, it means that more revenue will be generated for the government, which can be used to fund development projects and improve the standard of living for Nigerians.

But more importantly, this achievement demonstrates the government's commitment to energy security and currency stability. Energy security and currency stability are not separate goals. They are the same goal, the special adviser said. This is a clear indication that the government is serious about reducing the country's reliance on imported fuel and promoting local production.

The government's efforts in the oil and gas sector have not gone unnoticed. The administration has restored investors' confidence, and pipeline uptime is now consistently high, and illegal refining sharply reduced. This is a clear indication that the government is serious about reducing the country's reliance on imported fuel and promoting local production.

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As the country continues to work towards self-sufficiency in the oil and gas sector, it is clear that the government's efforts have been well-received by investors. The Nigerian economy is poised for growth and development, and this achievement is a testament to the government's commitment to energy security and currency stability.

Finally, Mrs Verheijen's presentation at the Nigerian-British Chamber of Commerce Energy Day 2026 was a clear demonstration of the government's commitment to energy security and currency stability. Her words were laced with optimism and hope for a brighter future for the Nigerian economy.