Nigeria Attracts Bigger Share of Africa’s Oil, Gas Investments after Reforms

Nigeria has significantly increased its share of oil and gas investments in Africa following reforms introduced by the Federal Government, according to the Special Adviser to the President on Oil and Gas, Olu Arowolo Verheijen.

Verheijen, who spoke at the Nigerian-British Chamber of Commerce Energy Day 2026 in Lagos, said Nigeria’s share of upstream investment decisions on the continent rose from about four per cent before 2023 to roughly 40 per cent in 2024 and 2025.

She said the country attracted about $10 billion in investment commitments and now has a project pipeline worth about $50 billion.

The improvement, according to her, followed a series of reforms aimed at making Nigeria more attractive to investors and removing long-standing obstacles in the energy sector.

Reforms help unlock stalled projects

Verheijen said many energy projects that had remained inactive for years are now moving forward because of regulatory changes and presidential directives designed to improve competitiveness.

She cited projects such as Bonga North, Ubeta and several gas developments as examples of investments that are advancing after earlier delays.

She said Nigeria had struggled for years to convert its vast natural resources into economic growth.

“Nigeria has never lacked potential. We have oil. We have gas. We have sunlight, water, land, talent and scale. What we have lacked is conversion - the discipline to turn resources into results,” she stated.

She explained that the administration inherited challenges including fuel subsidies, foreign exchange distortions, weak oil production and debts across the power sector.

Subsidy removal and foreign exchange reforms, she maintained, were necessary steps to restore confidence in the economy and improve fiscal stability.

Growing confidence boosts production and local participation

Verheijen said investor confidence is also reflected in rising oil production and increased activity by both local and international companies.

She disclosed that crude oil and condensate production averaged 1.64 million barrels per day in 2025, about 400,000 barrels per day higher than 2023 levels.

She noted that more than $4 billion worth of investments by international oil companies have already been completed. This, she said, is creating opportunities for Nigerian firms to take on greater roles in onshore operations while international firms focus more on deepwater and gas projects.

The adviser also highlighted growth in the gas sector. She said proven gas reserves now exceed 215 trillion cubic feet, while daily gas production increased from about 6.83 billion standard cubic feet in 2023 to roughly 7.63 billion.

Verheijen urged Nigerian and British investors to deepen partnerships in financing, infrastructure, technology transfer and skills development.

She said the government’s focus remains on sustaining reforms, expanding energy access and delivering reliable power to support industrial growth and national development.