Nigeria, Africa’s largest oil and gas producer, is accelerating reforms to enhance energy infrastructure development and unlock new investment opportunities across its hydrocarbon and renewable sectors. Recent policy initiatives, including the “Upstream Petroleum Operations (Cost Efficiency Incentives) Order,” provide performance-based tax credits to companies that achieve operational cost reductions. These reforms complement the Petroleum Industry Act (PIA) of 2021, which restructured sector governance, unbundled the Nigerian National Petroleum Company, and created a modern regulatory framework to attract global capital.
Nigeria at the G20 Africa Energy Investment Forum
As the G20 Africa Energy Investment Forum approaches on November 21 in Johannesburg, Nigeria’s Special Advisor to President Bola Tinubu on Energy, Olu Verheijen, will highlight the country’s energy policy updates and strategies to position Nigeria as a benchmark for African energy transition. The forum brings together policymakers, financiers, and developers to discuss African-led solutions for energy infrastructure development and sustainable growth.
Strategic Energy Reforms Driving Investment
Nigeria’s energy strategy extends beyond oil, integrating gas and renewables. The National Energy Transition Plan aims to raise gas production to 12 billion cubic feet per day by 2030, with $60 billion targeted for investment in the gas value chain over the next five to seven years. With over 200 trillion cubic feet of proven gas reserves, the sector is central to Nigeria’s development agenda.
Since the PIA’s enactment, Nigeria has attracted over $17 billion in foreign direct investment into oil and gas. Notable projects include ExxonMobil’s $1.5 billion Usan deepwater revitalization, Shell’s $5 billion Bonga North Deepwater Development, and TotalEnergies’ $550 million gas processing facility. These investments support the country’s goal to increase production to over two million barrels per day.
“Nigeria’s reforms demonstrate that transparency, investment incentives, and the integration of hydrocarbons with renewables can drive both energy security and transition,” said NJ Ayuk, Executive Chairman of the African Energy Chamber.
Renewable Energy and Future Infrastructure
Nigeria is also advancing renewable energy projects through its ‘30-30-30’ plan, targeting 30 GW of grid-connected capacity by 2030, 30% sourced from renewables. Key initiatives include a 1.2 GW solar farm by Oando Clean Energy in Jigawa, the World Bank-backed $750 million Distributed Access through Renewable Energy Scale-up project serving over 17.5 million Nigerians, and 10 agreements with the Rural Electrification Agency generating 948 MW. These projects strengthen energy infrastructure development, support local economies, and create jobs.
The G20 forum will serve as a platform to connect African projects with global capital, focusing on natural gas, integrated energy systems, and how African producers can accelerate the continent’s energy transition while offering attractive investment opportunities.
To register for the Forum, click here.
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This story was first reported by APO Group. Read the full article here.
