Nigeria is set to sign Final Investment Decisions (FID) on two significant deepwater exploration projects by mid-2025, including a multibillion-dollar venture, marking a pivotal step in its energy sector.
The announcement was made by Olu Verheijen, Special Adviser on Energy to President Bola Tinubu, during the African Energy Week in Cape Town, South Africa. Speaking at the conference themed *”The Future of Energy: Shaping the Workforce of Tomorrow”*, Verheijen revealed that over $1 billion has been unlocked in investments across the energy value chain, with the upcoming projects set to be the first of their kind in over a decade.
“We see a Nigeria that is a leading global producer and exporter of energy – whether it is fossil fuels or renewables,” Verheijen said. She emphasized the government’s commitment to rewriting the narrative of oil and gas investments since the passing of the Petroleum Industry Act in 2021.
Verheijen outlined key reforms achieved in the past year, including clarifying regulatory roles, reducing operational costs, streamlining project execution timelines, and introducing fiscal incentives for Non-Associated Gas and Deep Offshore exploration and production.
In her address, she highlighted the critical role of energy access in Africa’s development, noting that over 75% of the continent’s population lacks adequate energy access. She underscored the need for a productive energy workforce and the inclusion of women and young people in driving industrialization and development.
“The future we are moving into will be very different. It will require incredible amounts of human energy and a diversity of talent to balance energy security, affordability, and sustainability for this continent,” Verheijen added.
The FID agreements are expected to bolster Nigeria’s position as a key player in the global energy sector, paving the way for more innovative projects in the years ahead.
