The Federal Government has announced that Nigeria secured over $8 billion in investments for deepwater and gas projects over the past year—an increase from the $6.7 billion recorded in 2024.

This was revealed by the Special Adviser to the President on Energy, Olu Verheijen, during her remarks at the 2025 Africa CEO Forum in Abidjan, Côte d’Ivoire. A copy of her address was made available to journalists on Wednesday.

Verheijen attributed the investment boost to key government reforms, including improved tax incentives, streamlined approval timelines, clearer regulatory frameworks, and upgrades in the power sector that have enhanced the appeal of gas-to-power initiatives.

She also cited Nigeria as a case study of successful strategies for attracting capital into Africa’s energy sector.

“In under a year, Nigeria unlocked over $8bn in deepwater and gas Final Investment Decisions 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. We moved from gridlock to greenlight, and investors responded,” she said.

Nigeria has recently achieved several major Final Investment Decisions (FIDs) in its oil and gas industry, signaling a resurgence of investor confidence driven by recent regulatory reforms.

Notable among these projects are the Bonga North Deepwater Project and the Ubeta Gas Field, among others.

Recently, the Executive Secretary and Chief Executive Officer of the Nigeria Extractive Industry Transparency Initiative, Dr Ogbonnaya Orji, stated that Nigeria needs $20bn annually for 10 years to invest in gas infrastructure.

To preserve investor confidence, the special adviser issued a stark warning to African policymakers, urging them to abandon sentimental notions of “African capital” and instead embrace investment discipline grounded in commercial logic and global competitiveness.

Verheijen declared that capital is neither African nor foreign, but rational.

“Let’s be clear: capital has no passport. Sentimental appeals to ‘African capital’ are a distraction,” she said. “Capital is opportunistic, not patriotic. It flows where risk-adjusted returns are competitive.”

Verheijen’s remarks come against the backdrop of growing concerns about Africa’s shrinking portion of global upstream investment. She referenced data indicating that while the continent secured $340 billion in upstream capital between 2011 and 2015, projections suggest this figure could drop to under $130 billion between 2026 and 2030.

“That’s not a funding winter. That’s a structural decimation,” she warned.

She emphasized that deepwater and LNG projects compete in highly competitive global capital markets. To remain viable players, African countries must seek strategic partnerships grounded in mutual benefit and shared value, rather than dependency.

According to her, global capital tends to flow toward regions with robust project economics, low carbon emissions, and stable regulatory frameworks—factors that have made destinations like the Permian Basin, Guyana, and Brazil particularly attractive to investors.

“If Africa wants a meaningful slice of the $500bn spent annually on upstream globally, we must offer clarity and competitiveness,” she said.

Verheijen also challenged Africa’s domestic investors, development finance institutions, banks, pension funds, and sovereign wealth vehicles to fill the vacuum left by retreating international oil companies.

“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,” she said.

She praised the emergence of African private sector champions, citing Renaissance Africa Energy Consortium’s acquisition of Shell’s onshore JV as a “symbolic transition from colonial-era concessions to indigenous control.” She also highlighted the operational scale of the 650,000 barrels-per-day Dangote Refinery, which she said was “not aspirational, it’s operational!”

Other milestones include Seplat’s recent 390 million standard cubic feet per day gas supply deal with the Nigerian National Petroleum Company Limited, which she described as “not just output, it’s energy security.” Indigenous equity in Nigeria’s gas sector, she added, has risen from 69 per cent to 83 per cent, marking “a seismic shift in ownership and control.”

Despite these gains, Verheijen emphasised that international capital remains critical. With IOCS still contributing over half of production and capital expenditure in sub-Saharan Africa, she said Africa must align with their evolving investment criteria.

“They’re no longer chasing barrels, they’re chasing value: low-cost, low-carbon, de-risked assets,” she said. “Let’s be realistic: Africa cannot negotiate terms on capital that hasn’t yet arrived. Investment must come first; returns and benefits will follow.”

In her closing remarks, Verheijen issued a call to action for the continent, stressing, “We must move beyond appeals for support. Africa must become an investment destination by design, anchored in policy clarity, commercial logic, and strategic intent,” she said.

“When we get that right, capital won’t hesitate; it will pursue us. The future will not be given to Africa. It must be built deliberately, unapologetically, and on our terms.”