Nigeria’s upstream investment hits $5.3bn – Tinubu’s aide
With 38% of all major energy project sanctions on the continent in the previous 24 months, Nigeria has formally reclaimed its position as Sub-Saharan Africa's top energy capital destination.Ms. Olu Verheijen, the President's Special Advisor on Energy, revealed this information on Thursday in an update posted on X, formerly Twitter. She disclosed that in 2025 alone, Nigeria received 5.3 billion dollars in upstream capital investment.
According to Verheijen, the increase in investment occurred in spite of an 18% drop in Sub-Saharan Africa's total upstream spending, which she characterised as proof of Nigeria's energy sector's decoupled growth trajectory.
Investor confidence has really improved, according to recent data, she said. Investor confidence has dramatically improved, according to the research. Nigeria only secured 6 out of 44 sanctioned African Final Investment Decisions (FIDs) between 2015 and 2023, or 4% (5 billion dollars). That number has increased to five out of eight projects across the continent as a result of recent reforms.
Verheijen claims that the industry's success is a result of policy changes. Nigeria has demonstrated the effectiveness of this strategy. "We went from impasse to approval, and investors reacted," she said, noting that Nigeria presently provides the best gas terms on the African continent.
Verheijen claims that the industry's success is a result of policy changes. Nigeria has demonstrated the effectiveness of this strategy. "We went from impasse to approval, and investors reacted," she said, noting that Nigeria presently provides the best gas terms on the African continent.
She cited OML 144, or the Shell–Sunlink HI Field, as a key illustration of this advancement. In 2025, the shallow-water non-associated gas project received a final investment decision.
According to Verheijen, "the Non-Associated Gas (NAG) incentives introduced in 2024 made this project commercially viable, providing critical feedstock for the Nigeria LNG (NLNG) project."
The reform program was purposefully designed to strike a balance between efficiency and local involvement, she continued. "Our goal was to create a system that empowers Nigerian talent and supports indigenous enterprise while eliminating rent-seeking," she said.
According to Verheijen, "the Non-Associated Gas (NAG) incentives introduced in 2024 made this project commercially viable, providing critical feedstock for the Nigeria LNG (NLNG) project."
The reform program was purposefully designed to strike a balance between efficiency and local involvement, she continued. "Our goal was to create a system that empowers Nigerian talent and supports indigenous enterprise while eliminating rent-seeking," she said.
Verheijen explained that the scale of Nigeria’s recovery becomes clearer when compared with performance over the previous decade.
“Between 2015 and 2023, Nigeria struggled to remain competitive, capturing only 4% of sanctioned African FIDs with just six projects totaling 5 billion dollars in nearly nine years. However, in just the last two years (2024–2025), the country has successfully secured 38% of the continent’s major projects, attracting a massive 8 billion dollars in capital through five high-impact project sanctions.”
She further disclosed that the administration’s data-driven benchmarking approach has significantly boosted Nigeria’s global standing. “The administration’s Data-Driven benchmarking has propelled Nigeria into the top quartile of global jurisdictions for investment competitiveness. With the Bonga North and Ubeta gas developments also advancing, the presidency expects this momentum to carry into 2026.”
Concluding, Verheijen stressed the importance of sustaining reforms as Nigeria enters a new phase of upstream investment. “As Nigeria enters a new cycle of upstream investment, we must strengthen local content as a catalyst for smooth and timely project delivery. Regulators must shed legacy mindsets and act as enablers of speed, clarity, and efficiency,” she said.
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