- Nigeria Leads Africa in Oil and Gas Investments
- $13.5 Billion FIDs Highlight Nigeria’s Energy Growth
- African Energy Chamber Applauds Nigeria’s Policies
Nigeria emerged as Africa’s top destination for upstream oil and gas investments in 2024, according to Wood Mackenzie. The country secured three out of four Final Investment Decisions (FIDs) announced by global energy giants, amounting to $13.5 billion. Major projects include Shell’s $122 million Iseni Gas Project, TotalEnergies’ $566 million Ubeta Gas Project, and the Bonga North Tranche 1 development.
The African Energy Chamber (AEC) commends Nigeria’s efforts in fostering a business-friendly environment. Proactive measures such as tax incentives for natural gas investments, streamlined project implementation, and reduced contracting timelines have been pivotal. New policies introduced in 2024 aim to attract $10 billion in natural gas projects, reduce operating costs, and enhance local content compliance.
With 45% of the population lacking electricity access, these investments are crucial for driving energy availability and socioeconomic growth. NJ Ayuk, AEC Executive Chairman, praised President Bola Tinubu and other energy stakeholders for creating an attractive investment landscape.
Nigeria’s 2024 oil and gas licensing round, offering 19 exploration blocks, further signals the government’s commitment to partnerships and sustainable energy development. Additional FIDs, such as TotalEnergies’ $750 million Ima Shallow Gas Project in 2025, are anticipated.
The African Energy Week 2025 conference, set for September 29 to October 3, will highlight Nigeria’s energy opportunities and strategies.
