Nigeria has topped African oil producers with three out of four Final Investment Decisions (FIDs) by global oil and gas majors domiciled in Nigeria at a total value of $13.5 billion.
According to a research report from market intelligence firm, Wood Mackenzie, Nigeria ranks as Africa’s leading destination for upstream oil and gas investment in 2024.
The FIDs announced within the Nigerian market included Shell’s $122 million investment in the Iseni Gas Project, TotalEnergies’ $566 million commitment to the Ubeta Gas Project and another Shell’s approval of the Bonga North Tranche 1 project.
The investments reflect Nigeria’s ongoing efforts to unlock its hydrocarbon potential through investor-friendly policies and strategic global partnerships.
Reacting to the ranking, the African Energy Chamber (AEC), the voice of the African energy sector commended Nigeria for the milestone.
The Chamber applauded the Nigerian government for its proactive legislations aimed at attracting foreign investments, streamlining project implementation and reducing bottlenecks.
