Nigeria has solidified its position as a leading destination for energy investments in Africa, securing $5.5 billion in Final Investment Decisions (FIDs) in 2024 and setting its sights on attracting even more capital in 2025. This announcement was made by Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, during her keynote address at the Nigeria International Energy Summit 2025 on Monday.
Verheijen revealed that Nigeria accounted for three out of the four FIDs recorded across Africa last year, underscoring the country’s growing appeal to global investors. She attributed this success to a series of strategic reforms implemented by the Tinubu administration, including three presidential directives issued in February 2024 aimed at removing barriers to investment in the energy sector.
“The year 2024 marked a turning point in Nigeria’s energy landscape,” Verheijen stated. “We secured three out of Africa’s four FIDs, valued at over $5.5 billion, approved our first deepwater FID in over a decade, facilitated five major asset acquisitions, revived two domestic refineries, and commenced petrol production at Africa’s largest refinery.”
Among the notable achievements highlighted were the Ubeta FID, secured through a joint venture with Total, and Shell’s approval of the Bonga North FID. These projects, Verheijen noted, demonstrate Nigeria’s ability to attract major investments despite stiff competition from 14 other oil and gas investment destinations globally.
Nigeria’s oil production has seen a significant uptick, increasing by 500,000 barrels per day (bpd) since the Tinubu administration took office. The government has set ambitious targets to restore production to 2.06 million bpd in the near term and reach 4 million bpd by 2030. To achieve these goals, Verheijen emphasized the importance of expanding deepwater operations and improving the investment climate. She also highlighted the role of five major asset acquisitions completed in 2024, which integrated operators with local expertise while allowing international oil companies to focus on capital-intensive deepwater projects.
Nigeria’s ability to attract new oil and gas investments had waned over the past decade, with global investors directing approximately $80 billion to other markets. Verheijen acknowledged that concerns over regulatory instability and an uncompetitive fiscal framework had previously deterred investors. However, she noted that the Tinubu administration has taken decisive steps to address these issues, including enhancing security in oil-producing regions and implementing a data-driven security framework in collaboration with operators and security agencies.
Verheijen also outlined the government’s efforts to transform Nigeria’s power sector, citing the Presidential Metering Initiative as a key reform. The initiative, which consolidates all metering programs into a unified framework, aims to deploy seven million smart meters to eliminate estimated billing, improve revenue collection, and enhance service delivery by electricity distribution companies (DisCos). Additionally, the government is working to resolve outstanding debts owed to gas suppliers and power generation companies while implementing cost-reflective tariffs with targeted subsidies. These measures, Verheijen said, are essential to creating a financially stable and investment-friendly power sector.
Verheijen concluded her address by emphasizing the broader implications of Nigeria’s energy reforms for the continent. “A more energy-secure Africa translates into a more economically resilient Africa,” she said. “By leveraging our vast energy resources for industrial development and strategic exports, we are laying the foundation for sustainable job creation, economic diversification, and long-term prosperity.” She added, “When the history of Africa’s industrial revolution is written, 2024 will be recognized as the year Nigeria ignited the transformation.”
