Nigeria’s Energy Sector Attracted $6.7 Billion Investment In 2024 – Tinubu’s Aide

Nigeria’s energy sector received a total investment of $6.7 billion in 2024, according to a report released on Wednesday by the office of the Special Adviser to the President on Energy, Olu Verheijen.

The report, “Presidency Energy Sector Wrap-Up 2024,” revealed that the oil and gas sector received the bulk of the investment, $5.5 billion, while the remaining $1.2 billion went to federal initiatives and clean energy projects.

The report highlighted several high-value transactions within the oil and gas sector, underscoring the growing interest in Nigeria’s energy market.

– Renaissance Consortium acquired Shell Petroleum Development Company Limited for $1.3 billion.

– Seplat Energy Plc finalized the purchase of Mobil Producing Nigeria Unlimited from ExxonMobil Corporation at $1.3 billion.

– Chappal Energies completed two acquisitions: Equinor Nigeria Energy Company for $1.2 billion and TotalEnergies EP Nigeria’s 10% stake in the SPDC JV licenses for $860 million.

– Oando Plc acquired the Nigerian Agip Oil Company for $800 million.

“These acquisitions unlock onshore fields for a new wave of ambitious indigenous companies, ready to invest and boost production,” the report stated.

Investments In Gas And Deep Offshore Projects

Naijaonpoint gathered that the gas industry also witnessed significant funding, including a $550 million investment by Total Energies and the Nigerian National Petroleum Company (NNPC) Limited in the Ubeta non-associated gas project.

In the deep offshore sector, SNEPCO invested $5 billion in the Bonga North Deep Offshore Project, which has a production capacity of approximately 110,000 barrels per day.

“These investments position Nigeria to attract $5 billion in gas projects and $30 billion in deep offshore developments by 2029, enhancing energy export potential and supporting the energy transition,” the report noted.

Clean Energy And Power Initiatives

The report detailed $700 million investments in clean mobility and cooking solutions and a $400 million federal investment in the Presidential Metering Initiative (PMI).

Verheijen highlighted the importance of the PMI, saying, “Our goal, working with all industry stakeholders across public and private sectors, is to improve the availability, affordability, and reliability of on-grid power.”

Commenting on the achievements, Verheijen emphasized that the administration is focused on maximizing Nigeria’s energy resources for economic growth.

She said, “These efforts ensure Nigeria is on a path to a more stable and prosperous energy future, strengthening local ownership and boosting oil and gas production.”

The federal government reiterated its commitment to continued engagement and collaboration with stakeholders to enhance the country’s energy landscape.