Nigeria Leads Africa in Energy Investments Under Tinubu

A report indicates that Nigeria has become the leading destination for energy investments in Africa under President Bola Tinubu's administration, driven by substantial reforms in the energy sector from 2023 to 2026. The country's share of final investment decisions in Africa's upstream sector rose sharply to 40% for 2024-2025, reversing a trend of declining investments.

The report attributes this turnaround to Tinubu's energy reforms, which have restored investor confidence by improving fiscal terms and regulatory clarity, and accelerating project approvals. Notable investments include a $10 billion pipeline of final investment decisions, particularly in deep offshore gas projects.

The report highlights that Nigeria's oil production is projected to increase from 1.2 million barrels per day in 2023 to approximately 1.6 million barrels per day by 2025, with long-term targets aiming for three million barrels per day. The reforms have also facilitated the transfer of $4 billion worth of assets from international oil companies to indigenous firms, enhancing local production capabilities.