Special Adviser to the President on Energy, Olu Verheijen, says that the President Bola Tinubu-led administration attracted over $8 billion in deepwater oil and gas Final Investment Decisions (FIDs), in less than one year.
Speaking at the just-concluded 2025 Africa CEO Forum in Abidjan, Côte d’Ivoire, Verheijen revealed that Nigeria has recently focused on improved fiscal terms, streamlined contracting timelines, and greater clarity to local content rules. According to her, the president’s recent actions highlight efforts to eliminate the current bottlenecks in the sector.
Verheijen informed policymakers, investors, and industry leaders across the continent that capital is not African or foreign but rational, which Africa must compete for.
According to her, Nigeria’s success story was due to government reforms, which included better tax conditions, faster approval processes, clearer regulations, and enhancements in the power sector, making gas-to-power projects more appealing to investors.
She pointed out that Nigeria’s recent success story now serves as a model for attracting capital to the continent.
“In under a year, Nigeria unlocked over $8 billion in deepwater oil and gas Final Investment Decisions, FIDs, through decisive presidential action, focused on improved fiscal terms, streamlined contracting timelines, greater clarity to local content rules, and power sector reforms enabling gas-to-power commercial viability,” she was quoted as saying.
Verheijen said multi-billion-dollar deepwater and LNG projects are global capital territory, and Africa must partner smartly, not from dependency, but from aligned strategic interest.
She said the fact that Africa attracted $340 billion in upstream capital between 2011 and 2015, a figure expected to drop to less than $130 billion by 2026–2030, should not be seen as “not a funding winter,” but “a structural decimation.”
“Our sweet spot is onshore, shelf, and domestic gas. That’s where African players must dominate because we understand the terrain, the risk, and the reward,” the presidential aide maintained.
Verheijen pointed out that capital is increasingly going to projects with strong economics, low carbon intensity, and predictable governance—the factors attracting billions of dollars in new investment to the Permian Basin, Guyana, and Brazil.
She argued that if Africa wants a larger slice of the $500 billion in global upstream spending annually, it must offer the same clarity and competitiveness.