By Chinelo Obogo
The Presidency has announced that Nigeria secured over $8 billion (approximately N12.8 trillion) in investments for deepwater and gas projects over the past year, a development credited to the federal government’s targeted energy sector reforms.
Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, made the disclosure during her address at the 2025 Africa CEO Forum in Abidjan, Côte d’Ivoire on Wednesday.
According to the News Agency of Nigeria (NAN), Verheijen attributed the milestone to improved investment conditions fostered by key policy changes.
She noted that the achievements were driven by reforms such as better fiscal terms, streamlined contract approval processes, clarified local content regulations, and power sector improvements that enhanced the commercial viability of gas-to-power projects.
“The actions focused on improved fiscal terms, streamlined contracting timelines, greater clarity to local content rules, and power sector reforms enabling gas-to-power commercial viability,” Verheijen said.
Verheijen emphasised the need for African nations to move away from a dependency mindset and instead position themselves as investment-ready destinations through clear policy direction and strategic planning.
She said Nigeria’s success story illustrates what is possible when reforms are backed by action. “We have moved from gridlock to green light,” she said, adding that the country is now attracting strong investor interest.
One of the standout achievements she highlighted was the rise in Nigerian ownership within the gas sector, from 69% to 83%. She described this as a significant step toward empowering Africans to take greater control of their natural resources.
The presidential adviser also urged African financial institutions, including development banks and sovereign wealth funds, to step up and bridge the funding gap left by international oil companies (IOCs). According to her, this should be done through the deployment of strategic tools and risk-sharing mechanisms, not merely capital injection.
She identified Africa’s comparative strengths in onshore, shallow water, and domestic gas projects, where local companies such as Seplat, Oando, and Renaissance Energy are already demonstrating progress.
Verheijen also pointed to the Dangote Refinery, touted as the world’s largest single-train refinery, as evidence that “African ambition, capital, and talent can deliver projects at a global scale.”
Supporting the momentum, Dr. Ogbonnaya Orji, Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), recently stated that Nigeria would require $20 billion annually over the next decade to adequately develop its gas infrastructure.
In a related policy move, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, in 2024 led the signing of the Consolidated Guidelines for Fiscal Incentives in the Oil and Gas Sector. The guidelines are part of a Presidential Directive aimed at boosting Nigeria’s global competitiveness and accelerating economic growth.