The Special Adviser on Energy to President Bola Tinubu, Olu Verheijen has announced that Nigeria is poised to secure a higher number of Final Investment Decisions (FIDs) this year, bolstering investor confidence and fostering long-term growth in the country’s energy sector.
Speaking at the Nigeria International Energy Summit 2025 on Monday, Verheijen highlighted that Nigeria secured three out of Africa’s four FIDs in 2024, amounting to over $5.5 billion. This achievement underscores Nigeria’s standing as a leading destination for deep offshore oil and gas investments.
Verheijen credited the nation’s improved investment climate to several key reforms, including three presidential directives issued in February 2024 aimed at removing barriers to new investments. These initiatives helped secure major investment commitments such as the Ubeta FID through a Total joint venture and Shell’s approval of the Bonga North FID.
“The year 2024 marked a turning point in our energy sector, with Nigeria securing three out of Africa’s four FIDs, valued at over $5.5 billion,” Verheijen said. “Our country strengthened its position as a prime destination for deep offshore oil and gas investments, approved our first deepwater FID in over a decade, facilitated five major asset acquisitions, revived two domestic refineries, and commenced production at Africa’s largest refinery.”
Despite global investors redirecting around $80 billion away from Nigeria over the past decade due to concerns about regulatory stability and an uncompetitive fiscal framework, Verheijen said that President Tinubu’s administration had worked to reverse this trend. The government has enhanced security in oil-producing regions and implemented a data-driven security framework in collaboration with operators and security agencies, which led to a 500,000-barrel per day increase in oil production since the administration took office.
Verheijen further explained that the government aims to restore oil production to 2.06 million barrels per day in the near term, with a longer-term goal of reaching four million barrels per day by 2030. The administration’s focus will continue to be on attracting more FIDs, expanding deepwater operations, and ensuring Nigeria remains competitive against 14 rival oil and gas investment destinations.
In addition to the oil sector, Verheijen pointed out the significance of five major asset acquisitions completed in 2024, which are crucial for boosting Nigeria’s oil production. These transactions integrated operators with local expertise while allowing international oil companies to focus on deepwater operations, where their capital and technical expertise are most needed.
Verheijen also emphasized Nigeria’s growing role in shaping Africa’s energy landscape. She highlighted the expansion of domestic refining capacity, efforts to improve electrification, and reforms designed to enhance liquidity in the power sector. She added that the government is addressing outstanding debts owed to gas suppliers and power generation companies while implementing cost-reflective tariffs with targeted subsidies.
These measures, Verheijen said, are vital for creating a financially stable and investment-friendly power sector that can drive industrialization and economic growth in Nigeria.
