Nigeria is set to sign Final Investment Decisions (FIDs) on two deepwater exploration projects by mid-2025, according to Olu Verheijen, Special Adviser on Energy to President Bola Tinubu. Speaking at the African Energy Week in Cape Town, South Africa, Verheijen revealed that these projects will include a multibillion-dollar deepwater exploration venture, marking the first of its kind in Nigeria in over a decade.
Unlocking New Investment Opportunities
Verheijen highlighted that Nigeria has already secured over $1 billion in energy investments across the value chain. She expressed optimism about the nation’s future in the global energy market, stating, “We see a Nigeria that is a leading global producer and exporter of energy—whether it is fossil fuels or renewables.”
She also outlined recent achievements in Nigeria’s energy sector, including:
- Clarifying regulatory roles to create an investor-friendly environment.
- Implementing reforms to reduce high operational costs and project timelines.
- Introducing fiscal incentives for non-associated gas and offshore exploration.
Building a Resilient Energy Workforce
Addressing the theme “The Future of Energy: Shaping the Workforce of Tomorrow”, Verheijen emphasized the need for a diverse, skilled workforce, particularly involving women and young people. She advocated for a bold approach to developing talent with a global perspective to address Africa’s energy challenges.
Energy as a Tool for Development
Verheijen stressed the importance of leveraging Africa’s abundant energy resources to drive industrialization and development, stating, “Energy must cease to be a limiting factor in Africa and become a tool for progress.”
Bottom Line
Nigeria’s commitment to deepwater exploration and workforce development signals a transformative era for its energy sector. With the right investments and policies, the country aims to balance energy security, affordability, and sustainability while reshaping its global energy narrative.
