Nigeria’s energy sector attracted $6.7bn investment in 2024

THE Special Adviser to the President on Energy, Mrs. Olu Verheijen, said a total of $6.7 billion was invested in Nigeria’s energy sector in 2024.

She disclosed this in a report titled, ‘Presidency Energy Sector Wrap-Up 2024,’ released by her office, stressing that oil and gas sector accounted for $5.5 billion.According to the report, $400 million was invested by the federal government in the presidential metering initiative, while $700 million went to clean mobility and cooking.

The report indicated assets acquisition made up the $5.5 billion investment, which included Renaissance Consortium’s acquisition of Shell Petroleum Development Company Limited at $1.3 billion.

It stated: “Seplat Energy Plc completed the acquisition of Mobil Producing Nigeria Unlimited MPNU from ExxonMobil Corporation ($1.3 billion firm consideration).

“Chappal Energies completed the acquisition of Equinor Nigeria Energy Company (ENEC), a subsidiary of Norway’s Equinor ASA ($1.2 billion). Chappal Energies completed the acquisition of TotalEnergies EP Nigeria’s 10% interest in the SPDC JV licenses in Nigeria ($860 million). Oando Plc completed the acquisition of the Nigerian Agip Oil Company (NAOC) ($800 million).

“These acquisitions unlock onshore fields for a new wave of ambitious indigenous companies, ready to invest and boost production.

“This shift strengthens local ownership, drives immediate growth in oil and gas output, and sets Nigeria on a path to a more stable and prosperous energy future.”

Also, the report captured key investments secured in the oil and gas sector through tax incentives for onshore and shallow water non-associated gas (NAG) and deep offshore oil and gas.It indicated that SNEPCO invested $5 billion in the Bonga North Deep Offshore Project, the first greenfield deep offshore project in over a decade, with a production capacity of approximately 110,000 barrels per day.The report further highlighted Total Energies and Nigerian National Petroleum Company (NNPC) Limited’s $550 million investment in the Ubeta non-associated gas project.However, Verheijen said Nigeria is now positioned to attract $5 billion in gas investments by 2029, thus enhancing domestic application and export to the global market.

Nigeria’s energy sector attracted $6.7bn investment in 2024 - Vanguard News