During her talk at the Nigeria International Energy Summit 2025 on Monday, she pointed out that Nigeria managed to grab three out of the four FIDs in Africa last year, totaling over $5.5 billion.
Verheijen emphasized that this shows Nigeria's strong position as a top choice for deep offshore oil and gas investments.
She mentioned that the improved investment climate is thanks to important reforms, including three presidential directives from February 2024 aimed at eliminating obstacles for new investments.
These initiatives have attracted significant investment commitments, like the Ubeta FID through a Total joint venture and Shell’s approval of the Bonga North FID.
“The year 2024 marked a turning point in our energy landscape, with Nigeria securing three out of Africa’s four Final Investment Decisions, valued at over $5.5bn.”
The country has established itself as a leading hub for deep offshore oil and gas investments, marked its first deepwater FID in over ten years, completed five major asset acquisitions, revived two local refineries, and kicked off petrol production at Africa’s largest refinery.
Anticipating the future, further final investment decisions (FIDs) are expected in 2025, which will bolster investor confidence. The five significant asset acquisitions finalized in 2024 are set to be pivotal in enhancing production growth. These deals have strategically brought together operators with extensive local knowledge and operational flexibility, thereby facilitating more effective resource extraction and management, Verheijen stated.
Nigeria has faced challenges in attracting substantial new investments in the oil and gas sector over the past ten years, with global investors channeling approximately $80 billion to other regions.
Verheijen noted that these challenges stem from concerns regarding regulatory consistency and a non-competitive fiscal environment.
Nevertheless, she indicated that the administration of President Tinubu has initiated measures to alter this situation by improving security in oil-producing areas and establishing a data-driven security framework in partnership with operators and security agencies.
As a result, there has been an increase of 500,000 barrels per day in oil production since the administration took office.
With the aim of restoring oil production to 2.06 million barrels per day in the short term and reaching four million barrels per day by 2030, the government is focused on attracting more final investment decisions (FIDs), expanding deepwater operations, and ensuring Nigeria remains competitive among 14 other oil and gas investment locations.
Verheijen also highlighted five significant asset acquisitions completed in 2024 as pivotal in enhancing Nigeria’s oil production.
She explained that these transactions have integrated operators with local expertise while enabling international oil companies to concentrate on deepwater operations, where their financial and technical capabilities are essential.
“This strategic realignment is expected to drive sustained production growth, ensuring a steady and long-term increase in output,” she said.
In addition to oil and gas, Verheijen emphasized Nigeria’s increasing role in shaping the energy landscape of Africa. She pointed out the growth of domestic refining capacity, advancements in electrification efforts, and reforms aimed at improving liquidity in the power sector.
A significant effort is the Presidential Metering Initiative, which integrates all metering programs into a cohesive framework aimed at deploying seven million smart meters. This initiative seeks to eradicate the shortcomings of estimated billing, boost revenue collection for electricity distribution companies, and greatly enhance service delivery, Vrehijen noted.
“Our success in securing major investments, expanding domestic refining capacity, and enhancing electrification is not only a national achievement—it has far-reaching implications for regional energy security, intra-African trade, and industrialization,” she said.