Nigeria Tops Africa's $221 Billion Oil and Gas Investment Drive
Nigeria is leading Africa's $221 billion oil and gas investment drive, with the country expected to attract between $30 billion and $50 billion in investments into 22 major offshore oil and gas projects by 2030. The report from Industrial Info Resources notes that over 800 active capital oil and gas production, pipeline, and terminal projects are being tracked across Africa, with a combined investment value exceeding $221 billion.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) expects these major offshore projects to commence between now and 2030, with an investment potential of between $30 billion and $50 billion. This projection was made by the NUPRC's Chief Executive Officer, Oritsemeyiwa Eyesan.
Africa's oil and gas investment outlook is being driven by growing energy security concerns and geopolitical uncertainties, according to the report. Several sanctioned but delayed upstream and liquefied natural gas (LNG) projects are expected to progress towards first production.