Energy Office, Finance Minister Align on 3mbpd Oil Target, Power Market Redesign

Federal government officials have aligned on a path to achieving the target of 3 million barrels per day (mbpd) for Nigeria’s oil production alongside proposed reforms to redesign the country’s electricity market to boost investor confidence and catalyse long-term investments.
The moves come as the country continues to grapple with production shortfalls below 1.5 million bpd and persistent power supply gaps.

Special adviser to the president on Energy, Olu Verheijen, and minister of Finance and coordinating minister of the Economy, Taiwo Oyedele, during a meeting on Monday, focused on deepening fiscal and sectoral alignment to unlock capital for Nigeria’s oil production goals.
The talks, held during Verheijen’s courtesy visit to the minister’s office, centred on work by @EnergyReformsNG to mobilise resources toward President Bola Tinubu’s target of 3 million barrels per day (bpd).

Discussions also explored practical pathways to redesign the electricity market, with a focus on improving its functionality, bolstering investor confidence, and attracting long-term, sustainable investments.

In a post on X (formerly Twitter), Verheijen highlighted the talks as part of ongoing work by Energy Reforms Nigeria office to support broader economic reforms. No specific timelines or policy outcomes were disclosed from the engagement.

Verheijen said the meeting also examined pathways to redesign the electricity market for better functionality and investor confidence.
“Our discussions focused on the ongoing work by my office @EnergyReformsNG to deepen fiscal and sectoral alignment to unlock critical fiscal space and mobilise the capital required to achieve the President’s target of increasing production to 3 million barrels per day.

“We also examined practical pathways to redesign the electricity market to ensure functionality, strengthen investor confidence, and catalyse long term, sustainable investment,’ she said.

This comes as Nigeria grapples with chronic power shortages, generating under 5,000 megawatts against a demand exceeding 40,000MW, stifling industrial growth and households.
The initiatives aim to catalyse long-term, sustainable investments in both sectors, supporting broader economic recovery efforts amid fiscal constraints.
No timelines or specific outcomes were announced.