The Presidency has announced that Nigeria attracted over $8 billion (about ₦12.8 trillion) in investments from deepwater oil and gas Final Investment Decisions (FIDs) within one year.
Olu Verheijen, Special Adviser on Energy to President Bola Tinubu, disclosed this at the 2025 Africa CEO Forum in Abidjan, Côte d’Ivoire. A statement on her address was released by Senan Murray, Team Lead, Communications, in the Office of the Special Adviser.
Verheijen attributed the investment inflow to decisive reforms under President Tinubu, including improved fiscal terms, streamlined contracting processes, clarified local content rules, and power sector reforms enabling gas-to-power viability.
She urged African countries to learn from Nigeria’s example, advocating for policy clarity, commercial logic, and strategic intent to attract investment, rather than relying on aid. “Africa must partner smartly, not from dependency, but from aligned strategic interest,” she said.
Highlighting Nigeria’s shift in gas ownership, Verheijen noted an increase in indigenous equity from 69% to 83%, describing it as a major step toward African energy sovereignty.
She called on African investors, banks, pension funds, and sovereigns to step in where international oil companies (IOCs) are retreating—using tailored instruments and risk-sharing strategies. “Our sweet spot is onshore, shelf, and domestic gas. That’s where African players must dominate,” she stated.
Verheijen praised private sector leaders like Seplat, Oando, and Renaissance for redefining their role in the energy sector. She described Renaissance’s acquisition of Shell’s onshore JV as symbolic of the shift from colonial-era concessions to indigenous control.
She also hailed the 650,000 bpd Dangote Refinery as a testament to African ambition and capability. “It’s not just infrastructure—it’s proof that African industrial scale is real,” she added.
She concluded by urging African leaders to craft deliberate policies that will make the continent an investment magnet.
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