Nigeria is set to make Final Investment Decisions (FID) on two deepwater exploration projects by mid-2025.
This announcement was made by Olu Verheijen, Special Adviser on Energy to President Bola Tinubu, during her address at the African Energy Week in Cape Town, South Africa.
Speaking at the event, which was themed “The Future of Energy: Shaping the Workforce of Tomorrow”, Verheijen highlighted that Nigeria has already unlocked over $1 billion in investments across the energy sector and is poised to sign FIDs on two major projects, including a multibillion-dollar deepwater exploration initiative.
These upcoming projects, according to Verheijen, will be the first of their kind in Nigeria in over a decade, with many more to follow.
She emphasized the nation’s vision to become a leading global producer and exporter of energy, both in fossil fuels and renewables, stressing that Nigeria is no longer constrained by outdated thinking and is eager to create a lasting legacy in the energy sector.
In her speech, Verheijen outlined several key achievements by her team over the past year. These include clarifying regulatory roles to foster a more attractive investment environment, implementing reforms to reduce high operational costs and streamline project execution, and introducing clear fiscal incentives for Non-Associated Gas and Deep Offshore Oil & Gas exploration and production.
Verheijen also noted that her team is working with a strong sense of urgency to transform Nigeria’s oil and gas sector, building on the foundations laid by the Petroleum Industry Act (PIA) passed in 2021.
She pointed out that a critical part of shaping the future energy workforce in Africa is embracing a new generation of talent—especially women and young people—who bring global perspectives, fresh ideas, and the bold energy necessary to address the continent’s long-standing challenges.
