Nigeria Drives Africa's $221 Billion Oil Investment Boom
Nigeria is leading Africa's $221bn oil and gas investment drive, with the country expected to attract between $30bn and $50bn in investments into 22 major offshore oil and gas projects by 2030. This prediction comes from a new report released by Industrial Info Resources, which also states that more than 800 active capital oil and gas production, pipeline, and terminal projects are being tracked across Africa, with a combined investment value exceeding $221bn.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is expected to approve these major offshore projects. Since 2024, the NUPRC has approved over $57bn in field development plans, some of which have led to final investment decisions. The NUPRC CEO, Oritsemeyiwa Eyesan, made this projection at the Society of Petroleum Engineers' annual conference in Lagos on August 5.
Africa's oil and gas investment outlook is being driven by growing energy security concerns and geopolitical uncertainties. Industrial Info Resources' Senior Vice-President of Research, Oil & Gas, Gordon Gorrie, said that several sanctioned but delayed upstream and liquefied natural gas projects are expected to progress towards first production in the next 12-18 months.