The Federal Government has revealed that Nigeria’s energy sector attracted a total investment of $6.7 billion in 2024.
This information is outlined in the “Presidency Energy Sector Wrap-Up 2024,” compiled and released by the office of the Special Adviser to the President on Energy.
Out of the total $6.7 billion investment, $5.5 billion was allocated to the oil and gas sector, $400 million was invested by the federal government in the Presidential Metering Initiative, and $700 million went towards clean mobility and clean cooking initiatives.
The report stated that Shell Nigeria Exploration and Production Company made a $5 billion investment in the Bonga North Deep Offshore Project, marking the “first greenfield deep offshore project in over a decade.”
The project is expected to increase Nigeria’s oil production capacity by approximately 110,000 barrels per day.
The report outlined five major acquisitions in the oil and gas sector completed in 2024, including:
Renaissance Consortium’s acquisition of Shell Petroleum Development Company Limited in a $1.3 billion deal.
Seplat Energy Plc’s purchase of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil Corporation for $1.3 billion.
Chappal Energies’ acquisition of Equinor Nigeria Energy Company (ENEC), a subsidiary of Norway’s Equinor ASA, in a $1.2 billion deal.
Chappal Energies acquired TotalEnergies EP Nigeria’s 10% stake in the SPDC JV licenses in Nigeria for $860 million.
Additionally, Oando Plc completed the acquisition of the Nigerian Agip Oil Company (NAOC) in a deal valued at $800 million.
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 stated.
The report further highlighted that Nigeria received the highest upstream oil and gas investment in Africa, securing four out of the five upstream investments made on the continent in 2024.
“In the Oil & Gas sector, 2024 was a year of bold reforms that improved Nigeria’s investment competitiveness,” the report stated.
