The Society of Energy Editors (SEE) has predicted significant development in Nigeria’s energy sector during the first quarter of 2025, supported by President Bola Ahmed Tinubu’s proposed N49.7 trillion budget.

The 2025 budget, anchored on a projected increase in base crude oil production to 2.06 million barrels per day (bpd) is expected to stimulate economic growth and address key national challenges, it said.

It anticipates the budget’s focus on boosting crude oil production to drive down inflation from its current rate of 34.6 per cent to 15 per cent by the end of 2025.

The association made the prediction in its ‘Nigeria Energy Outlook Q1, 2025’, noting that key areas to watch in the energy sector include oil exploration and production, domestic crude refining, gas production and liquefied natural gas export, power generation and transmission as well as labour relations.

The society said while the government’s goal to boost crude oil production is ambitious, its success would depend on addressing the security issues in the Niger Delta region.

“Nigeria’s plans to hold a fresh oil licensing round in 2025 focuses primarily on handing out blocks that remained undeveloped as the country battles to raise crude reserves and production,” it noted.

It said the Federal Government must demonstrate the necessary political will and exert significant effort to ensure the new oil licensing round takes place as scheduled.

Dangote Refinery, it said, will reduce fuel imports and alleviate the strain of petroleum subsidies.

However, it emphasized that the consistent supply of crude oil feedstock from Nigerian National Petroleum Company Limited (NNPCL) to Dangote Refinery will be vital in determining the refinery’s economic impacts in the year.