Uche Cecil Izuora
Nigeria is expecting to welcome an avalanche of Foreign Direct Investment (FDI) following President Bola Ahmed Tinubu’s expected address at the African Energy Week (AEW) 2025 in Cape Town.
The event which holds from September 29 to October 3 will converge Africa oil producing countries among other international energy players.
Tinubu, would be highlighting Nigeria’s bold reforms in the oil and gas sector to the big industry event aimed at attracting foreign investment and revitalising domestic production.
Since taking office, Tinubu has spearheaded a wide-ranging programme to reposition Nigeria as a top-tier destination for energy investment.
This includes a recent executive order targeting upstream project costs and regulatory bottlenecks. The measures, which include streamlined contracting, tax incentives, and reduced compliance burdens, aim to cut project delivery costs by up to 40 per cent.
Nigeria has secured over $8 billion in new deepwater oil and gas investments in the past year.
ExxonMobil has committed $1.5 billion to field developments, while Shell increased its stake in the Bonga field. Chevron is expanding operations at the Agbami field, and Petrobras is reportedly seeking new acreage in response to improved regulatory conditions.
The government has also launched initiatives to boost local refining and industrial capacity, including the “Naira for Crude” policy to reduce foreign exchange reliance and promote domestic fuel production.
The 650,000 barrels-per-day Dangote refinery, Africa’s largest, is expected to begin distributing petrol and diesel later this year.
“These reforms are sending a clear message to investors,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “Nigeria is creating a globally competitive operating environment.”
Tinubu’s appearance at AEW 2025 is expected to highlight the country’s strategy for energy security, gas monetization, and long-term industrial development, amid growing interest from US, European, and global energy stakeholders.