Nigeria has attracted over $1 billion in investment in the oil and gas sector across different value chains.
This is according to Olu Verheijen, the special adviser to President Bola Tinubu on energy.
She made this known on Wednesday while speaking at the African Energy Week in Cape Town, South Africa.
Verheijen stated that the regulatory framework of the President in the sector is already yielding positive results, adding that apart from the $1 billion investment, the country is also expecting multi-billion dollar investment in deep water exploration projects by the middle of 2025.
“Nigeria’s Petroleum Industry Act took twenty years to be passed into law and given Presidential assent, in 2021. We are now building on that foundation with an unprecedented sense of urgency, to completely rewrite the narrative of oil and gas investment in Nigeria.
“We are already seeing the fruit of our work. Regulatory approvals are being expedited, major investment decisions are being Finalized across the value chain.
“We have unlocked over $1 billion in investments across the value chain and by the middle of 2025, we expect to see Final Investment Decisions on two more projects, including a multibillion billion-dollar deepwater exploration project, which will be the first of its kind in Nigeria in over a decade – one of many to come.
“We see the abundant opportunities that lie ahead. We see a Nigeria that is a leading global producer and exporter of energy – whether it’s fossil fuels or renewables. We are not held back by the outdated approaches and assumptions of the past. We are open, daring, and eager to leave a legacy that will stand the test of time,” Verheijen said.
