Nigeria’s Oil and Gas Sector Reclaims Investor Confidence with $80 Billion in New Investments

Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, revealed at the Nigeria International Energy Summit 2025 that global oil and gas investors had diverted $80 billion away from Nigeria over the past decade.

She attributed this trend to concerns over regulatory stability and fiscal competitiveness.

Addressing these challenges, President Tinubu issued three key directives in February 2024 to remove investment barriers. “The results were swift and tangible: by mid-2024, the Ubeta Final Investment Decision (FID) was secured through a Total joint venture. By year-end, Shell and its partners approved the Bonga North FID,” Verheijen noted. Additional FIDs are anticipated in 2025, further strengthening investor confidence.

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Nigeria aims to increase oil production to 2.06 million barrels per day (bpd) in the near term, with a target of 4 million bpd by 2030. “Through a data-driven security framework, implemented in collaboration with operators and security agencies, we have facilitated a 500,000-bpd increase in oil production since the inception of this administration,” Verheijen added.

Highlighting the pivotal year for the sector, she noted: “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.”