The Special Adviser on Energy to Nigeria’s President Bola Tinubu, Olu Verheijen, has said that Nigeria is poised to secure an increased number of Final Investment Decisions (FID) this year, a move that reinforces investor confidence and drives sustained economic growth in the energy sector.
Verheijen, speaking at the Nigeria International Energy Summit 2025 on Monday, highlighted that Nigeria secured three out of Africa’s four FIDs last year, valued at over $5.5 billion.
She explained that this data demonstrated Nigeria’s position as a leading destination for deep offshore oil and gas investments.
According to her, Nigeria’s improved investment climate is driven by key reforms, including three presidential directives issued in February 2024 to remove barriers to new investments.
These measures, helped attract major investment commitments such as the Ubeta FID secured through a Total JV and Shell’s approval of the Bonga North FID.
“The year 2024 marked a turning point in our energy landscape, with Nigeria securing three out of Africa’s four Final Investment Decisions, valued at over $5.5bn.”
Our nation solidified its position as a premier destination for deep offshore oil and gas investments, approved its 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.
“Looking ahead, additional FIDs are anticipated in 2025, further reinforcing investor confidence. The five major asset acquisitions completed in 2024 will play a critical role in accelerating production growth. These transactions have strategically integrated operators with deep local expertise and operational agility, ensuring more efficient resource extraction and management,” the report by Punch newspaper on Tuesday quoted Verheijen as saying.
According to her, Nigeria has struggled to attract significant new oil and gas investments in the past decade, with global investors directing about $80bn elsewhere.
Verheijen attributed this to concerns over regulatory stability and an uncompetitive fiscal framework.
GIK/APA