Nigeria attracted $5.3 billion in upstream oil and gas investment in 2025, as recent energy sector reforms repositioned the country as the leading destination for energy capital in Sub-Saharan Africa, according to the Special Adviser to the President on Energy, Olu Verheijen.
In an update shared on Thursday, Verheijen said Nigeria accounted for 38 per cent of all major project sanctions on the continent over the past 24 months, despite an 18 per cent decline in overall upstream spending across Sub-Saharan Africa.
She described the development as a major turnaround in investor confidence, noting that between 2015 and 2023 Nigeria secured only four per cent of Africa’s sanctioned Final Investment Decisions (FIDs), representing six out of 44 projects. Under recent reforms, she said Nigeria has now secured five of the eight major projects sanctioned across the continent.
“We moved from gridlock to greenlight, and investors responded,” Verheijen stated, adding that Nigeria now offers the most attractive gas fiscal terms in Africa.
She identified the Shell–Sunlink HI Field (OML 144) shallow-water non-associated gas project, which reached FID in 2025, as central to the renewed investment momentum.
Verheijen said the administration’s data-driven benchmarking has placed Nigeria in the top quartile of global investment jurisdictions, with the Bonga North and Ubeta gas developments also advancing and expected to sustain growth into 2026.
She added that strengthening local content and improving regulatory efficiency would be key to ensuring timely project delivery, urging regulators to act as enablers of speed, clarity and efficiency.
