Nigeria is set to sign Final Investment Decisions for two major deepwater exploration projects by mid-2025, marking a significant milestone in the country’s energy sector.
The announcement was made by Olu Verheijen, Special Adviser on Energy to President Bola Tinubu, during her address at the African Energy Week in Cape Town, South Africa during the weekend.
Verheijen highlighted that Nigeria has already unlocked over $1 billion in investments across the energy value chain, with the upcoming FIDs expected to include a multibillion-dollar deepwater exploration project, according to Channels TV.
These ventures, she noted, will be the first of their kind in the country in over a decade, signaling the beginning of more such projects in the near future.
Verheijen emphasized Nigeria’s ambition to become a leading global producer and exporter of energy, both in fossil fuels and renewables. She noted that the country is no longer constrained by outdated approaches and is instead focused on adopting bold, forward-thinking strategies to build a lasting energy legacy.
Over the past year, Verheijen and her team have made significant strides in reforming the energy sector. These include clarifying regulatory roles to foster investment, implementing reforms aimed at reducing operational costs and project timelines, and introducing fiscal incentives for Non-Associated Gas and deep offshore oil and gas exploration. Additionally, she highlighted the team’s efforts to lay a strong foundation for rewriting the narrative of oil and gas investment in Nigeria, particularly following the enactment of the Petroleum Industry Act in 2021.
Verheijen also addressed the importance of shaping the workforce of tomorrow in Africa’s energy sector. She stressed the need to bring in fresh talent, particularly women and young people, who can offer global perspectives and innovative solutions to the continent’s energy challenges. She argued that Africa’s energy future hinges on developing a dynamic and diverse workforce capable of addressing the continent’s energy access issues.
She further emphasized that energy access is crucial to Africa’s future development, noting that over 75% of the continent’s population currently lacks sufficient energy. According to Verheijen, addressing this challenge requires transforming energy from a limiting factor into a powerful tool for industrialization and economic growth. The future of Africa’s energy sector, she said, will depend on the continent’s ability to adapt to rapid changes and to balance the critical issues of energy security, affordability, and sustainability.
According to her, the projects will be “the first of its kind in Nigeria in over a decade – one of many to come.
“We see the abundant opportunities that lie ahead. We see a Nigeria that is a leading global producer and exporter of energy – whether it is fossil fuels or renewables.
“We are not held back by the outdated approaches and assumptions of the past. We are open, daring, and eager to leave a legacy that will stand the test of time.
” As Africans, we are at a point in our developmental process where energy access is critical in shaping the continent’s future. Our resources (including renewables) are abundant, yet over 75% of the population lack sufficient energy access. As a continent seeking to change this narrative, we must ensure that energy ceases to be the limiting factor in Africa but rather becomes a tool for driving industrialization and development. One of the ways we can address this is through a productive energy workforce.
“There is no doubt that the future we are moving into will be very different from where we are coming and what we are used to.It will take incredible amounts of human energy and a diversity of talent and expertise to enable us adapt to these rapidly evolving and often unpredictable scenarios and circumstances. In summary: we are the ones who will determine the outcome of the delicate balance between energy security, affordability and sustainability for this continent,” she said.
