Yemisi Izuora
The African Energy Chamber (AEC), says Nigeria’s vast energy resources offer one of the world’s most lucrative yet untapped opportunities to drive local, regional and global energy market stability.
The Executive Chairman of the Chamber, NJ Ayuk, who stated this while announcing participation of the AEC, in the 2025 Nigeria International Energy Summit (NIES), noted that with investor-friendly policies and reforms, the country presents a compelling case for global players.
Against this backdrop, NIES 2025 presents a unique opportunity for global investors to engage directly with Nigeria’s regulatory authorities and industry leaders on high-level deals and strategic partnerships, said Ayuk.
According to him, NIES aligns with the AEC’s mission to attract investment into Africa’s energy sector and eradicate energy poverty through strategic cooperation.
“As the voice of Africa’s energy sector, AEC is proud to participate in the 2025 Nigeria International Energy Summit (NIES) as a Gold Sponsor, reinforcing its commitment to making energy poverty history by 2030.” he said.
Taking place from February 24–27 in Abuja, NIES serves as a critical platform for fostering collaboration and attracting investment to strengthen Nigeria’s energy sector.
Under the theme, Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential, the summit will connect global investors with Nigeria’s vast oil, gas and renewable energy opportunities – aligning with the AEC’s mission to maximize energy resources and provide sustainable access for the 600 million Africans lacking electricity and 900 million without clean cooking solutions.
With 37.5 billion barrels of crude oil and 200 trillion cubic feet of natural gas, as well as significant untapped renewable energy potential, Nigeria has the capacity to expand energy access for its 85 million citizens currently without electricity.
In 2024, pro-investment reforms positioned the country as Africa’s top destination for upstream oil and gas investments, spurring major commitments from global players.
Shell pledged $122 million to the Iseni Gas Project and reached a Final Investment Decision (FID) for Bonga North Tranche 1. TotalEnergies announced a $550 million FID for the Ubeta Gas Project, while China’s CNEC partnered with UAE-based Alpha Group on the $20 billion Ogidigben Gas Revolution Industrial Park. CNEC also joined forces with Nigeria’s BFI Group on a $1.2 billion gas processing project in Akwa Ibom State, while Nigerian firm Dorman Long Engineering secured a $10 million trade facility loan from the African Export-Import Bank – reflecting rising investor confidence in the sector.
Looking ahead, investment in Nigeria’s oil and gas industry is set to surge. TotalEnergies is expected to reach FID on a $750 million offshore gas project in 2025, while the country aims to attract $30 billion in deep offshore investments by 2029, cementing its role as a key player in the global energy market.
At the same time, Nigeria’s renewable energy sector is rapidly expanding.
In January 2025, the International Finance Corporation partnered with five renewable energy firms to extend electricity access to 400,000 Nigerians under the Nigeria Distributed Access Through Renewable Energy Scale-Up initiative and Mission 300 programme, advancing the country’s diversification agenda.