- Nigeria secured $6.7 billion in energy investments in 2024, with $5.5 billion in oil and gas.
- Major acquisitions include Renaissance Consortium’s $1.3 billion purchase of Shell Petroleum Development Company and Seplat Energy’s $1.3 billion acquisition of Mobil Producing Nigeria.
- SNEPCO invested $5 billion in the Bonga North Deep Offshore Project, while the government allocated $400 million for metering and $700 million for clean mobility and cooking initiatives.
Nigeria’s energy sector attracted $6.7 billion in investments in 2024, according to a report from the Special Adviser to the President on Energy, Mrs. Olu Verheijen. The ‘Presidency Energy Sector Wrap-Up 2024’ shows that $5.5 billion came from oil and gas.
Renaissance Consortium led the acquisitions with a $1.3 billion purchase of Shell Petroleum Development Company. Seplat Energy was followed by acquiring Mobil and producing Nigeria Unlimited from ExxonMobil for $1.3 billion. Chappal Energies bought Equinor Nigeria Energy Company for $1.2 billion, while Oando Plc purchased Nigerian Agip Oil Company for $800 million.
“These acquisitions open up onshore fields for ambitious indigenous companies, driving increased production,” the report states. This shift to local ownership boosts Nigeria’s oil and gas output, securing energy growth and stability.
The federal government allocated $400 million to the Presidential Metering Initiative to improve electricity access. Another $700 million went to clean mobility and cooking initiatives, which promote more sustainable energy solutions.
Verheijen’s report outlines significant oil and gas projects that benefited from tax incentives for onshore and shallow water non-associated gas (NAG) and profound offshore oil developments. SNEPCO invested $5 billion in the Bonga North Deep Offshore Project, the first greenfield project in over a decade, aiming to produce 110,000 barrels of oil daily.
Total Energies and the Nigerian National Petroleum Company (NNPC) Limited invested $550 million in the Ubeta non-associated gas project. These projects aim to strengthen Nigeria’s energy infrastructure and improve domestic gas supply.
Verheijen believes Nigeria will attract $5 billion in gas investments by 2029. These investments will boost local gas use and expand export opportunities, supporting Nigeria’s long-term energy growth. She emphasised that continuous investments are essential for securing Nigeria’s energy future.
In 2024, investments in Nigeria’s energy sector reflected strong interest, especially in oil and gas. Indigenous ownership plays a critical role in increasing production and ensuring energy security. With major projects like Bonga North and Ubeta, Nigeria plans to expand its oil and gas output in the coming years.
The report highlights Nigeria’s efforts to diversify its energy sources. Government investments in clean energy and electricity access initiatives further emphasise a commitment to sustainable energy. Verheijen stressed that ongoing investments position Nigeria to emerge as a regional energy leader.