Financial Energy Review
Nigeria is set to secure more Final Investment Decisions (FIDs) in 2025, reinforcing investor confidence and driving economic growth in the energy sector, according to Olu Verheijen, Special Adviser on Energy to President Bola Tinubu.
Speaking at the Nigeria International Energy Summit 2025 on Monday, Verheijen highlighted Nigeria’s success in securing three out of Africa’s four FIDs last year, valued at over $5.5 billion.
“The year 2024 marked a turning point in our energy landscape,” she said. “Nigeria solidified its position as a premier destination for deep offshore oil and gas investments, approved its first deepwater FID in over a decade, facilitated five major asset acquisitions, revived two domestic refineries, and commenced petrol production at Africa’s largest refinery.”
She attributed these achievements to key reforms, including three presidential directives issued in February 2024 to eliminate investment barriers. These reforms helped secure major commitments, such as the Ubeta FID through a Total JV and Shell’s approval of the Bonga North FID.
Verheijen also pointed to a 500,000 barrels per day increase in oil production since President Tinubu took office, attributing it to enhanced security in oil-producing regions.
“Looking ahead, additional FIDs are anticipated in 2025, further reinforcing investor confidence,” she noted.
Beyond oil, she emphasized the Presidential Metering Initiative, which aims to deploy seven million smart meters to improve power supply efficiency.
“A more energy-secure Africa translates into a more economically resilient Africa,” Verheijen concluded.
