Olu Verheijen, special adviser to the president on energy, says a total of $6.7 billion was invested in Nigeria’s energy sector in 2024.
In a report titled ‘Presidency Energy Sector Wrap-Up 2024,’ released by the office of the special adviser, on Wednesday, the oil and gas sector accounted for $5.5 billion of the total investment.
The report said $400 million was invested by the federal government in the presidential metering initiative, and $700 million went to clean mobility and cooking.
According to the special adviser, assets acquisition made up the $5.5 billion investment, which included Renaissance Consortium’s acquisition of Shell Petroleum Development Company Limited at $1.3 billion.
“Seplat Energy Plc completed the acquisition of Mobil Producing Nigeria Unlimited MPNU from ExxonMobil Corporation ($1.3 billion (firm consideration),” the report said.
“Chappal Energies completed the acquisition of Equinor Nigeria Energy Company (ENEC), a subsidiary of Norway’s Equinor ASA (US$1.2 billion).
“Chappal Energies completed the acquisition of TotalEnergies EP Nigeria’s 10% interest in the SPDC JV licenses in Nigeria ($860 million).
“Oando Plc completed the acquisition of the Nigerian Agip Oil Company (NAOC) ($800 million).
“These acquisitions unlock onshore fields for a new wave of ambitious indigenous companies, ready to invest and boost production.
“This shift strengthens local ownership, drives immediate growth in oil and gas output, and sets Nigeria on a path to a more stable and prosperous energy future.”
Furthermore, the report highlighted key investments secured in the oil and gas sector through tax incentives for onshore and shallow water non-associated gas (NAG) and deep offshore oil and gas.
According to the report, SNEPCO invested $5 billion in the Bonga North Deep Offshore Project, the first greenfield deep offshore project in over a decade, with a production capacity of approximately 110,000 barrels per day.
For the gas industry, the report highlighted Total Energies and Nigerian National Petroleum Company (NNPC) Limited’s $550 million investment in the Ubeta non-associated gas project.
FG TARGETS $30BN IN OIL SECTOR, $5BN IN GAS INDUSTRY BY 2029
On the future outlook on the oil and gas sector, Verheijen said Nigeria is now positioned to attract $5 billion in gas investments by 2029, thereby enhancing gas availability for export and supporting the energy transition.
She also said Nigeria is positioned to tap into $30 billion in deep offshore investments by 2029.
The special adviser said efforts were geared towards achieving economic growth and maximising Nigeria’s energy resources.
“In power, we launched, among other interventions, the new Presidential Metering Initiative (PMI),” Verheijen said.
“Our goal, working with all industry stakeholders across public and private sectors, is to improve the availability, affordability and reliability of on-grid power.”
Verheijen also said the administration will continue engaging, collaborating and communicating with stakeholders across the energy sector.