Nigeria Sets Sights on Boosting Oil Investments in 2025
Nigeria Eyes a Surge in Energy Sector Growth with New Investment Strategies
Nigeria is gearing up for a significant surge in oil sector investments in 2025, with the government aiming to secure more Final Investment Decisions (FIDs) and solidify the nation’s status as a top destination for energy investments.
Speaking at the Nigeria International Energy Summit 2025, Olu Verheijen, the Special Adviser on Energy to President Bola Tinubu, announced plans to reinforce investor confidence and sustain economic growth through strategic reforms and increased investment opportunities.
A Strong Performance in 2024 Sets the Stage for Growth
In 2024, Nigeria made remarkable strides by securing three out of Africa’s four FIDs, totaling over $5.5 billion—a clear sign of the country’s growing appeal to deep offshore oil and gas investors. Major deals included:
✅ Ubeta FID through a partnership with Total JV
✅ Shell’s Bonga North FID approval
These milestones were driven by reforms such as the three presidential directives issued in February 2024, which removed significant barriers for new investments and made the market more attractive to international stakeholders.
What’s Ahead for 2025? More Investments & Production Boosts
Verheijen emphasized that 2025 is poised to build on last year’s success, with additional FIDs anticipated, further strengthening investor confidence. Key achievements and plans include:
Five major asset acquisitions in 2024 aimed at boosting production growth
Revival of two domestic refineries
⚡ Petrol production kick-off at Africa’s largest refinery
The goal is to restore Nigeria’s oil production to 2.06 million barrels per day (bpd) soon, with an ambitious target of 4 million bpd by 2030.
Breaking Barriers: Rebuilding Investor Trust
For nearly a decade, Nigeria faced challenges in attracting significant oil and gas investments, with global investors channeling approximately $80 billion elsewhere due to concerns over regulatory instability and an uncompetitive fiscal framework.
Under President Tinubu’s administration, however, reforms have focused on:
️ Enhancing security in oil-producing regions
Implementing a data-driven security framework in collaboration with operators and security agencies
These efforts have already led to an increase of 500,000 bpd in oil production since the administration took office.
⚙️ Beyond Oil: Strengthening Nigeria’s Energy Future
Verheijen also spotlighted initiatives beyond oil production:
Presidential Metering Initiative targeting the deployment of 7 million smart meters to improve electricity distribution and eliminate billing inefficiencies
Addressing debts owed to gas suppliers and power companies
Implementing cost-reflective tariffs with targeted subsidies for a more stable power sector
A Vision for Africa’s Energy Leadership
Beyond boosting Nigeria’s economy, these reforms aim to position the country as a leader in Africa’s energy transformation. Verheijen highlighted how expanding refining capacity, improving electrification, and enhancing power sector liquidity will contribute to:
✅ Sustainable job creation
✅ Economic diversification
✅ Long-term regional prosperity
“A more energy-secure Africa translates into a more economically resilient Africa,” Verheijen affirmed, as Nigeria sets its sights on becoming a major player in the global energy market.
Nigeria Eyes a Surge in Energy Sector Growth with New Investment Strategies
Nigeria is gearing up for a significant surge in oil sector investments in 2025, with the government aiming to secure more Final Investment Decisions (FIDs) and solidify the nation’s status as a top destination for energy investments.
Speaking at the Nigeria International Energy Summit 2025, Olu Verheijen, the Special Adviser on Energy to President Bola Tinubu, announced plans to reinforce investor confidence and sustain economic growth through strategic reforms and increased investment opportunities.
A Strong Performance in 2024 Sets the Stage for Growth
In 2024, Nigeria made remarkable strides by securing three out of Africa’s four FIDs, totaling over $5.5 billion—a clear sign of the country’s growing appeal to deep offshore oil and gas investors. Major deals included:
✅ Ubeta FID through a partnership with Total JV
✅ Shell’s Bonga North FID approval
These milestones were driven by reforms such as the three presidential directives issued in February 2024, which removed significant barriers for new investments and made the market more attractive to international stakeholders.
What’s Ahead for 2025? More Investments & Production Boosts
Verheijen emphasized that 2025 is poised to build on last year’s success, with additional FIDs anticipated, further strengthening investor confidence. Key achievements and plans include:
Five major asset acquisitions in 2024 aimed at boosting production growth
Revival of two domestic refineries
⚡ Petrol production kick-off at Africa’s largest refinery
The goal is to restore Nigeria’s oil production to 2.06 million barrels per day (bpd) soon, with an ambitious target of 4 million bpd by 2030.
Breaking Barriers: Rebuilding Investor Trust
For nearly a decade, Nigeria faced challenges in attracting significant oil and gas investments, with global investors channeling approximately $80 billion elsewhere due to concerns over regulatory instability and an uncompetitive fiscal framework.
Under President Tinubu’s administration, however, reforms have focused on:
️ Enhancing security in oil-producing regions
Implementing a data-driven security framework in collaboration with operators and security agencies
These efforts have already led to an increase of 500,000 bpd in oil production since the administration took office.
⚙️ Beyond Oil: Strengthening Nigeria’s Energy Future
Verheijen also spotlighted initiatives beyond oil production:
Presidential Metering Initiative targeting the deployment of 7 million smart meters to improve electricity distribution and eliminate billing inefficiencies
Addressing debts owed to gas suppliers and power companies
Implementing cost-reflective tariffs with targeted subsidies for a more stable power sector
A Vision for Africa’s Energy Leadership
Beyond boosting Nigeria’s economy, these reforms aim to position the country as a leader in Africa’s energy transformation. Verheijen highlighted how expanding refining capacity, improving electrification, and enhancing power sector liquidity will contribute to:
✅ Sustainable job creation
✅ Economic diversification
✅ Long-term regional prosperity
“A more energy-secure Africa translates into a more economically resilient Africa,” Verheijen affirmed, as Nigeria sets its sights on becoming a major player in the global energy market.