Nigeria has reclaimed its position as Africa’s top destination for upstream oil and gas investment in 2024, overtaking Angola, according to a recent report by Wood Mackenzie.
The increase in capital expenditure (capex) is largely attributed to several deepwater oil projects currently underway in the Lower Congo Basin, which have significantly boosted investor confidence in Nigeria’s energy sector.
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Olu Verheijen, Special Adviser on Energy to President Bola Tinubu, attributed this positive shift to the implementation of five key presidential directives and fiscal incentives introduced within the year.
“These groundbreaking policies are not only transforming Nigeria’s energy sector but are also paving the way for record-breaking investments in 2025 and beyond. This firmly reestablishes Nigeria’s position as a leader in Africa’s oil and gas industry,” Verheijen stated.
