Nigeria Attracts $6.7bn in Energy Investments for 2024

Nigeria’s energy sector attracted $6.7 billion in investments in 2024, according to a report released by the Special Adviser to the President on Energy, Olu Verheijen. The report, titled Presidency Energy Sector Wrap-Up 2024, highlighted significant progress in oil, gas, and renewable energy initiatives.

Of the total investment, $5.5 billion was channeled into the oil and gas sector, largely through asset acquisitions, including Renaissance Consortium’s $1.3 billion purchase of Shell Petroleum Development Company Limited. Other major transactions included Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited for $1.3 billion and Chappal Energies’ $1.2 billion deal with Equinor Nigeria Energy Company.

The report noted that these acquisitions have opened up onshore fields for indigenous companies, boosting production and strengthening local ownership. Verheijen described the shift as key to Nigeria’s long-term energy stability and prosperity.

In addition, $400 million was invested in the Presidential Metering Initiative to enhance electricity distribution, while $700 million went into the Clean Mobility and Cooking Program. The government also attracted investments in deep offshore oil, with SNEPCO committing $5 billion to the Bonga North Deep Offshore Project, the first greenfield project of its kind in over a decade.

In the gas sector, $550 million was invested in the Ubeta Non-Associated Gas Project by TotalEnergies and the Nigerian National Petroleum Company Limited. The report projected that Nigeria would secure $30 billion in oil investments and $5 billion in gas investments by 2029, positioning the country as a leader in the global energy transition.

Verheijen emphasized that these efforts, alongside tax incentives and other reforms, aim to enhance economic growth while ensuring energy affordability, reliability, and sustainability.