Nigeria is set to attract more investments in its oil and gas sector in 2025, following major deals secured last year. According to Olu Verheijen, Special Adviser on Energy to President Bola Tinubu, the country recorded three out of Africa’s four Final Investment Decisions (FIDs) in 2024, valued at over $5.5 billion.
Speaking at the Nigeria International Energy Summit 2025, Verheijen highlighted that Nigeria is becoming a top destination for offshore oil and gas investments, thanks to key policy reforms. She noted that the government’s efforts, including three presidential directives issued in 2024, have removed barriers to new investments.
More Investments Expected in 2025
With Nigeria’s oil production target set at 2.06 million barrels per day (bpd) in the short term and four million bpd by 2030, Verheijen confirmed that more FIDs are expected this year. She also pointed out that five major asset acquisitions completed in 2024 will help accelerate production growth.
“These transactions have brought in operators with deep local expertise, ensuring more efficient resource extraction and management,” she said.
Boosting Local Refining and Security
Nigeria has struggled to attract new oil and gas investments over the past decade, with over $80 billion in global investments going elsewhere. However, Verheijen assured that the Tinubu administration is working to change this by:
- Enhancing security in oil-producing areas
- Implementing a data-driven security framework
- Encouraging deepwater oil exploration
These measures have already led to an increase of 500,000 bpd in oil production since the administration took office.
Power Sector and Economic Growth
Beyond oil, Verheijen highlighted efforts to expand Nigeria’s domestic refining capacity, improve electricity supply, and strengthen the power sector’s financial stability.
She mentioned the Presidential Metering Initiative, which aims to deploy seven million smart meters to end estimated billing, improve revenue collection, and enhance service delivery. The government is also addressing debts owed to gas suppliers and power companies while implementing cost-reflective tariffs.
“A more energy-secure Nigeria translates into a stronger economy. By using our energy resources wisely, we are laying the foundation for job creation, industrial growth, and long-term prosperity,” Verheijen said.
With new investments and strategic reforms, Nigeria’s oil sector is on track for sustained growth, ensuring the country remains competitive in the global energy market.
