The Nigerian government has revealed that it recorded a swooping sum of $6.7 billion in energy investments in 2024.
The Special Adviser on Energy to President Bola Tinubu, Olu Verheijen, made this disclosure in a statement on Wednesday.
According to the statement, a total of $5.5 billion was directed to the oil and gas sector as Final Investment Decisions (FIDs); $400 million was allocated to the Presidential Metering Initiative, and $700 million was invested in prospects across clean mobility and clean cooking.
Verheijen credited this impressive achievement to the president’s reforms in the oil and gas sector, affirming their strategic direction in alignment with the Renewed Hope Agenda of the current administration.
She also highlighted other significant achievements recorded last year, including the five landmark presidential directives and incentives issued by President Tinubu, as well as five strategic oil and gas asset acquisitions approved in 2024.
In the power sector, she stated that the government launched, among other interventions, the new Presidential Metering Initiative (PMI). On this, she emphasized that the goal of her office is;
“Working with all industry stakeholders across the public and private sectors to improve the availability, affordability, and reliability of on-grid power.”
Nigeria regained the top spot in upstream oil and gas investment in Africa in 2024.
The country accounted for three out of the four Final Investment Decisions (FIDs) made in Africa’s oil and gas industry in 2024, with total investments exceeding $5 billion.
According to a recent Mackenzie report, a total of four FIDs, worth $13.5 billion, were recorded across the continent in 2024. Three of these were directed towards Nigeria, while the remaining one went to Angola, accounting for approximately $3 billion from oil majors.
Nigeria topped the list with over $5 billion in investments, largely driven by development drilling activities at the Akpo and Egina fields, as well as the massive Bongo FPSO life extension project.
The transformative policies implemented by President Bola Tinubu have reshaped the country’s energy landscape, laying the foundation for even greater investment levels in 2025 and beyond.
