Nigeria’s energy sector attracted a total investment of $6.7 billion in 2024, according to Olu Verheijen, Special Adviser to the President on Energy. The investments, detailed in a report titled ‘Presidency Energy Sector Wrap-Up 2024’, were unveiled on Wednesday by the Office of the Special Adviser.
The report highlighted that the oil and gas sector accounted for $5.5 billion of the total investment. This figure was driven primarily by asset acquisitions, with Renaissance Consortium leading the charge with its $1.3 billion acquisition of Shell Petroleum Development Company Limited. Similarly, Seplat Energy Plc finalized the purchase of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil Corporation for $1.3 billion.
Chappal Energies also completed two significant acquisitions: the $1.2 billion purchase of Equinor Nigeria Energy Company (ENEC), a subsidiary of Norway’s Equinor ASA, and an $860 million acquisition of TotalEnergies EP Nigeria’s 10% interest in Shell’s Joint Venture (SPDC). Additionally, Oando Plc secured the Nigerian Agip Oil Company (NAOC) for $800 million.
“These acquisitions unlock onshore fields for a new wave of ambitious indigenous companies, ready to invest and boost production,” the report stated. “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.”
Beyond oil and gas, the federal government invested $400 million in the Presidential Metering Initiative (PMI) to enhance power supply. Meanwhile, $700 million was directed toward clean mobility and cooking initiatives as part of the administration’s drive to transition to cleaner energy solutions.
The report also emphasized strategic investments enabled by tax incentives, including SNEPCO’s $5 billion commitment to the Bonga North Deep Offshore Project. The project, with a production capacity of 110,000 barrels per day, is Nigeria’s first greenfield deep offshore initiative in over a decade. In the gas sector, TotalEnergies and the Nigerian National Petroleum Company (NNPC) Limited invested $550 million in the Ubeta non-associated gas project.
Looking ahead, Verheijen expressed optimism about Nigeria’s energy future, predicting $5 billion in gas investments and $30 billion in deep offshore investments by 2029. These developments, she said, would enhance gas availability for export and support the global energy transition.
“In power, we launched the Presidential Metering Initiative to improve the availability, affordability, and reliability of on-grid power,” Verheijen added. She also reaffirmed the administration’s commitment to collaborating with stakeholders across the energy sector to maximize Nigeria’s energy potential and achieve sustainable economic growth.
The investments underscore the government’s resolve to reposition Nigeria as a leader in Africa’s energy market while addressing the nation’s pressing energy challenges.
