Energy Sector: How Nigeria Secured Three of Africa’s Four $5.5bn FIDs Last Year

The Federal Government has said Nigeria is poised to secure more Final Investment Decisions (FIDs) in 2025, building on its success in 2024 when it secured three out of Africa’s four FIDs, valued at over $5.5 billion.

According to Olu Verheijen, Special Adviser on Energy to President Bola Tinubu, “the year 2024 marked a turning point in our energy landscape” as Nigeria solidified its position as a leading destination for deep offshore oil and gas investments.

Verheijen who spoke at the Nigeria International Energy Summit 2025 on Monday, attributed the country’s improved investment climate to key reforms, including three presidential directives issued in February 2024.

These measures, she said, “removed barriers to new investments” and attracted major investment commitments.

Looking ahead, Verheijen noted that “additional FIDs are anticipated in 2025, further reinforcing investor confidence.” The five major asset acquisitions completed in 2024 will play a critical role in accelerating production growth, she added.

Verheijen emphasized that Nigeria has taken steps to address concerns over regulatory stability and an uncompetitive fiscal framework, which had previously driven investors elsewhere. “We are changing the narrative,” she said.

The government’s focus remains on attracting more FIDs, expanding deepwater operations, and ensuring Nigeria remains competitive among rival oil and gas investment destinations.