Nigeria’s energy sector attracts $6.7bn investment in 2024 – FG

• Published On: 23 January 2025 at 19:34

The Federal Government has revealed that Nigeria's energy sector will receive a total investment of $6.7 billion in 2024.

This information is outlined in the "Presidency Energy Sector Wrap-Up 2024," which was compiled and released by the Special Adviser to the President on Energy.

The oil and gas sector received $5.5 billion of the total $6.7 billion investment, with the federal government investing $400 million in the Presidential Metering Initiative and $700 million in clean mobility and clean cooking initiatives.

According to the report, Shell Nigeria Exploration and Production Company invested $5 billion in the Bonga North Deep Offshore Project, making it the "first greenfield deep offshore project in over a decade."

The project is expected to increase Nigeria's oil production capacity by around 110,000 barrels per day.

The report outlined five significant acquisitions in the oil and gas sector completed in 2024, including:

Shell Petroleum Development Company Limited will be acquired by Renaissance Consortium for $1.3 billion.

Seplat Energy Plc paid $1.3 billion to ExxonMobil Corporation for Mobil Producing Nigeria Unlimited (MPNU).

Chappal Energies has acquired Equinor Nigeria Energy Company (ENEC), a subsidiary of Norway's Equinor ASA, for $1.2 billion.

Chappal Energies paid $860 million for TotalEnergies EP Nigeria's 10% stake in the Nigerian SPDC joint venture licenses.

In addition, Oando Plc completed its $800 million acquisition of Nigerian Agip Oil Company (NAOC).

Olu Verheijen, President Bola Tinubu's Special Adviser on Energy, stated that the administration is committed to working with stakeholders in both the private and public sectors to improve energy availability in Nigeria.

"While in power, we launched, among other initiatives, the new Presidential Metering Initiative (PMI). Our goal, in collaboration with all industry stakeholders from the public and private sectors, is to improve the availability, affordability, and dependability of on-grid power.

"We will continue engaging, collaborating, and communicating with stakeholders across the energy sector, and welcome your feedback and comments," she went on:

The report also stated that Nigeria received the most upstream oil and gas investment in Africa, securing four 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 paper said.