Nigeria Secures $8 Billion in Oil and Gas Investments

The Federal Government of Nigeria has announced a significant milestone in its energy sector—over $8 billion in investments secured within a year for deepwater and gas projects. This surpasses the earlier reported $6.7 billion investment projection for 2024.

Olu Verheijen, Special Adviser to the President on Energy, shared this development at the 2025 Africa CEO Forum held in Abidjan, Côte d’Ivoire. In a speech obtained by our correspondent, Verheijen attributed this achievement to a series of government-led reforms aimed at enhancing investor confidence.

Key reforms include improved fiscal policies, faster project approval processes, clearer regulations, and targeted reforms in the power sector, particularly those that enhance the commercial viability of gas-to-power initiatives.

“In under a year, Nigeria unlocked over $8 billion in Final Investment Decisions (FIDs) for deepwater and gas projects,” Verheijen stated. “This was achieved through bold presidential actions that improved fiscal terms, shortened contracting timelines, and reformed power sector regulations. Investors responded positively—we moved from gridlock to greenlight.”

Recent major FIDs include the Bonga North Deepwater Project and the Ubeta Gas Field, signaling increased investor trust in Nigeria’s energy landscape and regulatory stability.

Despite this progress, the demand for gas infrastructure remains high. Dr. Ogbonnaya Orji, Executive Secretary of the Nigeria Extractive Industry Transparency Initiative, noted that Nigeria needs $20 billion annually over the next decade to meet its gas infrastructure goals.

Verheijen urged African policymakers to adopt a commercially driven mindset rather than relying on emotional appeals to “African capital.” She emphasized that capital is globally opportunistic and seeks competitive, risk-adjusted returns.

“Capital has no passport,” she said. “It is neither African nor foreign—it is rational. Emotional appeals distract from the core issue: competitiveness.”

She cited data showing that Africa attracted $340 billion in upstream investment from 2011–2015, but forecasts suggest a sharp decline to below $130 billion between 2026 and 2030—a trend she described as a “structural decimation.”

To counter this, she called for mutually beneficial partnerships, stable policies, and enhanced project economics. She referenced successful examples of global capital flow to regions like the Permian Basin, Guyana, and Brazil—regions known for strong returns, low emissions, and regulatory clarity.

“If Africa wants a slice of the $500 billion spent annually on upstream projects globally, we must be clear, competitive, and investor-ready,” Verheijen said.

She also called on domestic financial institutions—development banks, pension funds, and sovereign wealth funds—to bridge the financing gap left by retreating international oil companies. She emphasized that African investors have a unique edge in domestic gas, shelf, and onshore operations due to their familiarity with local dynamics.

Highlighting the growing role of African private sector leaders, she referenced the Renaissance Africa Energy Consortium’s acquisition of Shell’s onshore JV and the operational success of the Dangote Refinery as signs of a broader shift toward indigenous control.

She further noted a leap in local ownership, with indigenous equity in Nigeria’s gas sector rising from 69% to 83%, describing it as a “seismic shift in ownership and control.”

However, Verheijen acknowledged the continued importance of international capital, especially as major oil companies shift focus from volume to value—targeting low-cost, low-carbon, de-risked assets.

“Africa must align with this shift,” she said. “We can’t negotiate on capital that hasn’t arrived. Investment must come first, then the returns.”

In conclusion, Verheijen urged African nations to become intentional investment destinations. “We must move from requesting support to designing environments that attract capital,” she said. “When we get it right, capital won’t hesitate—it will chase us. The future of Africa must be built deliberately and unapologetically.”