Nigeria’s Energy sector received $6.7 billion investment in 2024 – FG 

This is contained in the “Presidency Energy Sector Wrap-Up 2024” compiled and released by the office of the Special Adviser to the President on Energy.

Of the $6.7 billion total investment, $5.5 billion was invested in the oil and gas sector, $400 million was the federal government’s investment in the Presidential Metering Initiative, and $700 million went to clean mobility and clean cooking.

The report listed five major acquisitions recorded in the oil and gas sector completed in 2024. They include:

President Bola Tinubu’s Special Adviser on Energy, Olu Verheijen said the administration is committed to working with stakeholders in the private and public sectors to enhance energy availability in Nigeria.

“In power, we launched, among other interventions, the new Presidential Metering Initiative (PMI). Our goal, working with all industry stakeholders across public and private sectors, is to improve the availability, affordability, and reliability of on-grid power. 

“We will continue engaging, collaborating, and communicating with stakeholders across the energy sector, and welcome your feedback and comments,” she said. 

The report noted that Nigeria received the highest upstream oil and gas investment in Africa, securing four of the five upstream investments made in the continent in 2024.

“In the Oil & Gas sector, 2024 was a year of bold reforms that improved Nigeria’s investment competitiveness.” 

Future outlook for oil and gas sector