Investments in Nigeria’s upstream sector has surged by 40%, Special Adviser to the President on Energy, Mrs. Olu Arowolo Verheijen has revealed.
Speaking at the Nigerian-British Chamber of Commerce Energy Day, Verheijen revealed that Nigeria’s share of African upstream Final Investment Decisions (FIDs) skyrocketed from a mere 4% in the years leading up to 2023 to roughly 40% across 2024 and 2025.
She noted that ongoing reforms in the energy sector havetriggered a major influx of foreign capital and a massive financial restructuring of the country’s grid.
This surge has already secured an estimated $10 billion in committed capital, with an additional $50 billion investmentpipeline projected for the near future. The influx of funding marks a critical turning point for the nation’s oil and gas sectors following recent targeted presidential policy directives aimed at lowering the cost of doing business.
She noted that the Federal Government is moving aggressively to restore financial liquidity to the struggling electricity sector through the Presidential Power Sector Debt Reduction Programme.
Adding that the government has iuccessfully issued its ₦501 billion Series 1 bond to settle debts owed generation companies, she noted that aa second bond issuance worth ₦729 billion is scheduled to follow immediately to conclude the first phase of the debt payment.