Nigeria has successfully reversed its years-long struggle to attract investments in the oil and gas sector, securing three of Africa’s four Final Investment Decisions (FIDs) in 2024, collectively valued at over $5.5 billion.

Olu Verheijen, the Special Adviser to President Bola Tinubu on Energy, hailed the breakthrough as a direct result of strategic reforms aimed at revitalizing the sector. “We’ve ended the drought of investments in Nigeria’s energy sector,” Verheijen said. “The past few years have seen us tackle key barriers to investment, which is now paying off.”

The reforms, which included directives from President Tinubu in February 2024, have propelled Nigeria into the top quartile of 14 competing oil and gas investment destinations. Notable projects, such as the Ubeta FID through a Total joint venture and Shell’s approval of the Bonga North FID, have driven this momentum.

“We’re not just attracting new investments; we’re restoring confidence in a sector that was once overlooked,” Verheijen added.

As Nigeria looks ahead to 2025, further FIDs are expected, bolstering optimism for continued growth. “We are committed to ensuring security in oil-producing regions, and this data-driven approach is crucial for sustaining investor trust,” Verheijen noted.

With renewed confidence in Nigeria’s energy landscape, the country is now seen as a key player in Africa’s oil and gas sector, positioning itself for significant economic growth in the coming years.