Nigeria attracts $8 billion in investment thanks to President Tinubu's bold reforms

Nigeria has achieved a major milestone by attracting more than $8 billion (about N12.8 trillion) in investments in deepwater projects and final investment decisions (FIDs) in the gas sector over the past year. The announcement was made by Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, at the Africa 2025 CEO Forum held in Abidjan on Wednesday.

In a statement released to the press agency in Abuja by Senan Murray, Team Leader for Communications in the Office of the Special Adviser, Ms Verheijen attributed this achievement to the decisive reforms undertaken by President Tinubu. These include improved fiscal conditions, reduced procurement lead times, clarification of local content rules and power sector reforms to ensure the commercial viability of gas for power generation.

Addressing the policymakers, investors and industry leaders in attendance, Ms Verheijen called on African leaders to take inspiration from the Nigerian model. "Africa must stop asking for passive support and become an investment destination by design, based on clear policies, sound business logic and strategic intent," she said. She stressed the need to build intelligent partnerships, based not on dependence, but on aligned strategic interests.

"Nigeria has proved that this approach works. We have moved from a situation of stalemate to one of openness, and investors have answered the call," she added. Ms Verheijen pointed out that the increase in local participation in the gas sector, from 69% to 83%, marks a decisive turning point towards greater ownership and control of Africa's energy future.

The Special Advisor urged African investors, development finance institutions (DFIs), banks, pension funds and governments to adopt a strategic approach to filling the void left by the international oil companies (IOCs). She called for innovative financing and appropriate risk-sharing structures. "Our strength lies in onshore, continental and national gas. This is where African players must take the lead, because we master the terrain, the risks and the opportunities," she said.

Ms Verheijen hailed the successes of African private sector companies such as Seplat, Oando and Renaissance, which are now positioning themselves as major players. She particularly highlighted the Renaissance Africa Energy Consortium's acquisition of Shell's onshore joint venture, describing it as a "symbolic transition from colonial concessions to indigenous control".

Another emblematic example cited by Ms Verheijen is the 650,000-barrel-per-day Dangote refinery, the largest single-train refinery in the world. Built with African capital, manpower and vision, this infrastructure demonstrates that Africa is capable of carrying out projects of industrial scale. "It's not just a goal, it's a tangible reality," she said.

In conclusion, Ms Verheijen called on African players to align their policies, their business rationale and their strategies to attract more capital. "If we succeed, capital will come to us. Africa's future will not be handed to us; it must be built deliberately, confidently and on our own terms", she said.