- Nigeria secures three of four major FIDs in Africa, reinforcing its position as a top upstream investment destination.
- Local content and in-country value addition drive industrial growth, job creation, and project efficiency.
Nigeria has strengthened its position as a leading destination for oil and gas investment. Furthermore, it secured three out of four major FIDs in Africa in 2024. Experts attribute this achievement to Nigeria upstream investment leadership, strategic reforms, and a strong focus on local content. As a result, the nation now serves as a model for industrialization and efficient project delivery across the continent.
Olu Arowolo Verheijen, Special Adviser to the President on Energy, highlighted Nigeria’s growing competitiveness during the 2025 Practical Nigerian Content (PNC) Forum in Yenagoa, Bayelsa State. She said investors now demand speed, reliability, and clear project execution. Therefore, local content is not merely a patriotic slogan but a vital industrial strategy.
Verheijen credited Nigeria’s recent success to Presidential Directives 41 and 42. These directives removed bottlenecks, cut contracting costs, and repositioned Nigeria as a preferred upstream investment destination. She emphasised that effective project delivery requires coordinated efforts from the government, operators, financiers, and host communities.
Additionally, the Presidential aide promoted targeted in-country value addition. She urged investment in local capacity, skills, and industrial infrastructure. She cited historic onshore asset transfers from international oil companies to indigenous operators as proof of Nigeria’s technical maturity. Consequently, Nigerian firms now optimise assets, adopt advanced technology, and strengthen community and security relations. This demonstrates Nigeria upstream investment leadership in action.
Verheijen highlighted successful local content projects, including SHI-MCI fabrication yards, Waltersmith modular refineries, the NLNG Train 7 project, and the Nigerian Oil and Gas Parks Scheme. Notably, in-country value retention has increased from 5% when the NOGICD Act began to 56% today.
Looking ahead, she mentioned upcoming upstream projects with Shell and TotalEnergies, such as HI, Bonga North, and Ubeta. She also urged stakeholders to develop local capacity, remove barriers to project execution, and target Nigeria’s 2030 goals: three million barrels of oil per day and ten billion standard cubic feet of gas per day.
Verheijen concluded that Nigeria’s energy trajectory is secure under President Tinubu’s leadership. Moreover, she stressed the importance of consolidating momentum, transforming resources into national prosperity, and building a globally competitive energy economy for Africa.