Nigeria Secures $5.5 Billion in Oil and Gas Investments, Leading Africa in Final Investment Decisions

Nigeria has solidified its position as Africa’s leading investment hub in the oil and gas sector, securing three out of the continent’s four Final Investment Decisions (FIDs) in 2024, valued at over *$5.5 billion*

.This significant update was disclosed by the Special Adviser to the President on Energy, *Mrs. Olubukola Arowolo Verheijen*, at the Nigeria International Energy Summit (NIES) 2025.

Mrs Verheijen highlighted that these investments, which include the Ubeta FID by Total JV and Shell’s Bonga North FID, attest to the effectiveness of President Bola Ahmed Tinubu’s decisive policy reforms.Through the Renewed Hope Agenda, the federal government remains committed to enhancing Nigeria’s energy sector.

Its ambitious target is to boost crude oil production to four million barrels per day by 2030. These achievements follow a series of strategic reforms, including three presidential directives issued in February 2024 to remove investment barriers, improve regulatory stability, and promote a competitive business environment.

*Ambassador J K Adebola MNIM; MCICN*, Chairman of Renewed Hope United Kingdom, lauded the milestone, stating:”Nigeria’s ability to secure the majority of Africa’s oil and gas FIDs in 2024 is a plus and confirmation of the bold economic reforms championed by President Tinubu.

These investments will drive job creation, technological advancement, and sustainable economic growth, reinforcing Nigeria’s role as a global energy leader.”He further emphasised the significance of investor confidence in Nigeria’s evolving economic landscape:

“The Renewed Hope agenda is delivering needed results. By prioritising regulatory efficiency and encouraging an investor-friendly climate, Nigeria attracts world-class projects to generate long-term value for its people and economy.

“Renewed Hope UK commends the administration’s commitment to positioning Nigeria as a preferred destination for energy investments and remains dedicated to supporting policies that drive economic prosperity.

*Hon Jacob Ogunseye* Director – Media and Publicity Renewed Hope United Kingdom.