Olu Verheijen, special adviser to the president on oil and gas, says Nigeria’s petrol import bill has dropped from about N2.3 trillion in the first quarter (Q1) of 2025 to below N90 billion a year later.
Verheijen announced the 96 percent decline at the 2026 Nigeria-British Chamber of Commerce Energy Day on Thursday.
The special adviser said the decline reflects a structural shift in Nigeria’s energy system, driven by efforts to move from import dependence to local production and value creation.
She said Nigeria has long struggled to convert its abundant natural resources into economic output, despite having significant oil, gas, and other endowments.
According to Verheijen, the country’s energy challenge is not about resource availability but about translating those resources into production, revenue, and productivity.
She said energy reforms are designed to correct that imbalance and reposition the sector for performance rather than potential.
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