25th February 2025
The Special Adviser on Energy to President Bola Tinubu, Olu Verheijen, has announced that Nigeria aims to secure more Final Investment Decisions (FIDs) this year, boosting investor confidence and economic growth in the energy sector.
Speaking at the Nigeria International Energy Summit 2025, Verheijen highlighted that Nigeria secured three of Africa’s four FIDs in 2024, worth over $5.5 billion. She attributed this success to key reforms, including presidential directives that removed investment barriers.
Major investments, such as the Ubeta FID by Total JV and Shell’s approval of the Bonga North FID, have strengthened Nigeria’s position as a top oil and gas investment destination.
Looking ahead, Verheijen expects more FIDs in 2025, contributing to increased oil production. The government aims to restore output to 2.06 million barrels per day in the short term and reach 4 million bpd by 2030.
Nigeria is also expanding domestic refining, improving electrification, and addressing power sector challenges. The Presidential Metering Initiative aims to install seven million smart meters to improve billing and service delivery.
Verheijen emphasized that securing energy investments will drive industrialization, job creation, and economic resilience in Nigeria and across Africa.
