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Nigeria’s energy sector attracted a whopping $6.7 billion in investments in 2024, with the oil and gas sector accounting for $5.5 billion of that amount. This was revealed by Olu Verheijen, Special Adviser to the President on Energy, in a report titled ‘Presidency Energy Sector Wrap-Up 2024.’.

The report highlighted several key investments, including:

– *Renaissance Consortium’s Acquisition*: $1.3 billion acquisition of Shell Petroleum Development Company Limited

– *Seplat Energy’s Acquisition*: $1.3 billion acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil Corporation

– *Chappal Energies’ Acquisitions*: $1.2 billion acquisition of Equinor Nigeria Energy Company and $860 million acquisition of TotalEnergies EP Nigeria’s 10% interest in the SPDC JV licenses

– *Oando Plc’s Acquisition*: $800 million acquisition of the Nigerian Agip Oil Company

These acquisitions are expected to “unlock onshore fields for a new wave of ambitious indigenous companies, ready to invest and boost production.”. Verheijen noted that this shift will strengthen local ownership, drive growth in oil and gas output, and set Nigeria on a path to a more stable and prosperous energy future.

In addition to these acquisitions, the report also highlighted investments in the Bonga North Deep Offshore Project and the Ubeta non-associated gas project, totaling $5 billion and $550 million, respectively.

Verheijen emphasized that Nigeria is now positioned to attract $5 billion in gas investments by 2029, enhancing domestic application and export to the global market.

Furthermore, the report noted that the federal government invested $400 million in the Presidential Metering Initiative, aimed at providing electricity meters to Nigerians. An additional $700 million was invested in clean mobility and cooking initiatives.

Verheijen stated that these investments demonstrate the government’s commitment to developing the energy sector and improving the lives of Nigerians.

“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.”

The report also highlighted the importance of tax incentives in attracting investments to the oil and gas sector. According to Verheijen, “These incentives have been instrumental in securing key investments in the sector, and we will continue to explore ways to make Nigeria a more attractive destination for investors.”

In conclusion, the Presidency Energy Sector Wrap-Up 2024 report provides a comprehensive overview of the investments and developments in Nigeria’s energy sector. With a total of $6.7 billion invested in 2024, the sector is poised for growth and development, and the government remains committed to creating an enabling environment for investors.

As Verheijen noted, “The future of Nigeria’s energy sector is bright, and we look forward to continuing to work with investors and stakeholders to drive growth and development in the sector.

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