Nigeria is set to finalise Final Investment Decisions (FID) on two major 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, Verheijen disclosed that these projects, including a multibillion-dollar deepwater initiative, will mark the first of such developments in over a decade.
She highlighted Nigeria’s success in unlocking over $1 billion in investments across the energy sector, driven by reforms aimed at reducing operational costs, streamlining project timelines, and introducing fiscal incentives under the Petroleum Industry Act of 2021.
Verheijen stated, “We are building with urgency to rewrite Nigeria’s oil and gas investment narrative, ensuring that energy drives industrialisation and development.”
The conference, themed “The Future of Energy: Shaping the Workforce of Tomorrow,” also spotlighted the need for a diverse energy workforce.
Verheijen emphasised the inclusion of women and young professionals with innovative ideas to address Africa’s energy challenges, where over 75% of the population lacks sufficient energy access.
She highlighted the importance of leveraging both fossil fuels and renewables to ensure energy security, affordability, and sustainability, positioning Nigeria as a global energy leader.
