In a significant milestone for Nigeria’s energy sector, the country has attracted over $8 billion in deepwater and gas project investments within the last year, according to the Special Adviser to President Bola Tinubu on Energy, Olu Verheijen.
Verheijen disclosed this while speaking at the 2025 Africa CEO Forum held in Abidjan, Côte d’Ivoire, where she emphasized the role of strategic reforms by the Tinubu administration in unlocking stalled investments and restoring investor confidence in Nigeria’s oil and gas industry.
According to her, the achievement marks a notable increase from the $6.7 billion investment figure reported in 2024. She credited the inflow to improved fiscal terms, reduced bureaucratic delays, clearer local content rules, and reforms in the power sector that have enhanced the commercial viability of gas-to-power projects.
“In under a year, Nigeria unlocked over $8 billion in deepwater and gas Final Investment Decisions (FIDs) through decisive presidential action. We moved from gridlock to greenlight, and investors responded,” Verheijen said.
Among the key investments are the Bonga North Deepwater Project and the Ubeta Gas Field, which are expected to boost Nigeria’s energy output and drive downstream development. These projects, according to energy experts, reflect renewed international interest in Nigeria’s oil and gas prospects.
Verheijen also issued a warning to African policymakers, urging them to abandon sentiment-driven investment narratives such as “African capital” and instead adopt a commercial, competitive approach to funding.
“Capital has no passport. Sentimental appeals to ‘African capital’ are a distraction,” she stated. “Capital is opportunistic, not patriotic. It flows where risk-adjusted returns are competitive.”
She pointed to data highlighting a sharp decline in Africa’s share of global upstream investment. Between 2011 and 2015, Africa attracted $340 billion in upstream capital, a figure projected to fall below $130 billion from 2026 to 2030—a nearly 60% drop.
“That’s not a funding winter. That’s a structural decimation,” she warned, calling for urgent reforms across African economies to regain investor trust.
Nigeria’s recent strides stand out against this grim backdrop. According to Verheijen, the country has improved its attractiveness to global investors by aligning with key trends: strong project economics, low-carbon intensity, and regulatory stability—factors that have made regions like Brazil, Guyana, and the Permian Basin top investment destinations.
She further emphasized the importance of collaboration between the public and private sectors to achieve long-term energy security. Highlighting notable indigenous achievements, Verheijen praised the Renaissance Africa Energy Consortium’s acquisition of Shell’s onshore joint venture and the operational capacity of the 650,000 barrels-per-day Dangote Refinery.
“It’s not aspirational—it’s operational!” she declared, noting that indigenous equity in Nigeria’s gas sector has surged from 69% to 83%, signaling a major shift toward local ownership and control.
The adviser also referenced Seplat’s recent agreement to supply 390 million standard cubic feet per day of gas to the Nigerian National Petroleum Company Limited, describing the deal as critical to the country’s energy security agenda.
Despite these gains, Verheijen noted that international oil companies (IOCs) remain essential, contributing over half of the region’s production and capital expenditure. To attract their continued investment, she said, African countries must align with evolving IOC priorities—chiefly low-cost, low-carbon, de-risked projects.
“They’re no longer chasing barrels—they’re chasing value,” she noted.
Verheijen concluded her speech with a call to action, urging African governments to position the continent as a deliberate investment destination.
“We must move beyond appeals for support. Africa must become an investment destination by design, anchored in policy clarity, commercial logic, and strategic intent. The future will not be given to Africa—it must be built deliberately, unapologetically, and on our terms.”
As Nigeria pushes forward with energy reforms and investment-friendly policies, the $8 billion milestone may serve as a blueprint for other African nations seeking to revive investor interest and drive sustainable energy growth.