Nigeria has attracted over $8 billion in investments for deepwater and gas projects within the past year, thanks to major reforms by the federal government aimed at revitalizing the energy sector.
This was revealed by Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, during the 2025 Africa CEO Forum held in Abidjan, Côte d’Ivoire. She explained that investor confidence was driven by improved fiscal terms, quicker project approvals, clearer regulations, and reforms in the power sector that support gas-to-power initiatives.
Verheijen praised Nigeria’s transition from policy gridlock to investor readiness, noting a remarkable rise in local ownership of the gas industry from 69% to 83%. She encouraged African nations to become strategic investment destinations, highlighting Nigeria’s progress as a model.
She also called on African financial institutions and sovereign wealth funds to take a more active role in filling funding gaps left by international oil companies, emphasizing the importance of local participation in onshore and shallow water projects. Companies like Seplat, Oando, and Renaissance Energy were noted as key players.
Highlighting African capacity, she cited the Dangote Refinery as proof that the continent has the ambition and talent to execute world-class projects. However, she acknowledged that significant investment is still needed—an estimated $20 billion annually over the next decade to fully develop Nigeria’s gas infrastructure.
Earlier reforms, such as the 2024 fiscal incentive guidelines led by Finance Minister Wale Edun, were also credited with making Nigeria more competitive on the global energy stage.