LAGOS, Nigeria (FN) \u2014 Nigeria\u2019s local petrol production has risen to about 48 million litres per day, up from virtually zero in 2023, according to the Presidency.<\/p>\n\n\n\n
Special Adviser to the President on Oil and Gas, Olu Verheijen, announced the figures at the Nigerian-British Chamber of Commerce Energy Day in Lagos. She said the increase means that, for the first time in a generation, most of the petrol consumed in Nigeria is now refined domestically.<\/p>\n\n\n\n
Verheijen explained that the shift has eased pressure on the country\u2019s currency. \u201cFor decades, every cargo of imported petrol was a standing demand for scarce dollars, a structural drain that weakened our currency. As local refining has risen, that drain has eased,\u201d she said. Petrol imports fell from about N2.3 trillion in the first quarter of 2025 to under N90 billion a year later.<\/p>\n\n\n\n
On crude oil and condensate, she said production averaged 1.64 million barrels per day in 2025, up by roughly 400,000 barrels a day since 2023 and the highest onshore level in two decades. More than S4 billion in international oil company divestments have been concluded, deepening indigenous participation in onshore projects while majors re-focused on deep-water and integrated gas.<\/p>\n\n\n\n
Verheijen noted that total federation revenue rose to about N21 trillion in 2024, nearly doubling from N12 trillion in 2023. She added that despite deregulation, the government has prevented the chronic petrol queues that once defined scarcity.<\/p>\n\n\n\n
Analysts say the rise in local refining could strengthen Nigeria\u2019s energy security, reduce foreign exchange demand, and stabilize the Naira. Internationally, the development is being watched closely as Nigeria remains Africa\u2019s largest oil producer and a key player in global energy markets.<\/p>\n","protected":false},"excerpt":{"rendered":"
LAGOS, Nigeria (FN) \u2014 Nigeria\u2019s local petrol production has risen to about 48 million litres per day, up from virtually zero in 2023, according to the Presidency. Special Adviser to the President on Oil and Gas, Olu Verheijen, announced the figures at the Nigerian-British Chamber of Commerce Energy Day in Lagos. She said the increase […]<\/p>\n","protected":false},"author":11,"featured_media":33741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2096,4,5,1138],"tags":[19958,19962,19964,19963,19961,19959,19960,19957,19950],"class_list":{"0":"post-33740","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-economics","8":"category-featured","9":"category-international","10":"category-politics","11":"tag-bola-tinubu-administration-energy-reforms","12":"tag-crude-oil-and-condensate-output","13":"tag-energy-security-nigeria","15":"tag-fuel-imports-reduction-nigeria","16":"tag-local-refining-nigeria","17":"tag-naira-currency-stability","18":"tag-nigeria-petrol-production-2026","19":"tag-olu-verheijen-oil-and-gas-adviser"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.funminews.com\/wp-content\/uploads\/2026\/06\/petr.webp?fit=640%2C319&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/33740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/comments?post=33740"}],"version-history":[{"count":1,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/33740\/revisions"}],"predecessor-version":[{"id":33742,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/33740\/revisions\/33742"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/media\/33741"}],"wp:attachment":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/media?parent=33740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/categories?post=33740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/tags?post=33740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}