NIGERIA is set to finalize investment decisions (FID) for two deepwater exploration projects by mid-2025.
This announcement was made by the Special Adviser on Energy to President Bola Tinubu, Olu Verheijen during her speech at the African Energy Week in Cape Town, South Africa.
Speaking at the conference themed “The Future of Energy: Shaping the Workforce of Tomorrow,” Verheijen noted that Nigeria has already unlocked over $1 billion in investments across the energy value chain.
She highlighted that by mid-2025, FIDs will be signed for two additional projects, including a multibillion-dollar deepwater exploration initiative.
According to her, these projects will mark the first of their kind in Nigeria in over a decade and are just the beginning of many more to come.
“We see abundant opportunities ahead. We envision Nigeria as a leading global producer and exporter of energy, whether in fossil fuels or renewables. We are not constrained by outdated methods and assumptions; we are open, bold, and eager to create a lasting legacy,” she stated.
In her address at the African Energy Week, Verheijen outlined her team’s achievements over the past year, which include clarifying regulatory roles to foster a conducive investment environment, implementing reforms to reduce operational costs and project timelines, and establishing clear fiscal incentives for non-associated gas and deep offshore oil and gas exploration and production.
She emphasized the urgency of building a strong foundation to transform the narrative around oil and gas investment in Nigeria since the passing of the Petroleum Industry Act in 2021, after two decades of deliberation.
Verheijen also discussed the need to shape the future African energy workforce by looking beyond traditional sources and embracing a new generation of talent, particularly women and youth, who bring a global perspective and innovative solutions to contemporary challenges.
“As Africans, we are at a crucial point in our development where energy access is vital for shaping the continent’s future. Despite our abundant resources, including renewables, over 75% of the population lacks adequate energy access. To change this narrative, we must ensure that energy becomes a catalyst for industrialization and development rather than a barrier. A productive energy workforce is essential for this transformation.
“There’s no doubt that the future we are heading into will be vastly different from our present. Adapting to rapidly evolving and unpredictable scenarios will require immense human energy, along with diverse talent and expertise. Ultimately, we will determine the delicate balance between energy security, affordability, and sustainability for our continent,” she concluded.
