Nigeria is set to approve Final Investment Decisions (FID) for two major deepwater exploration projects by mid-2025, marking a significant step in the country’s energy sector. The announcement was made by President Bola Tinubu’s Special Adviser on Energy, Olu Verheijen, during her address at the African Energy Week in Cape Town, South Africa.
Speaking at the conference, titled The Future of Energy: Shaping the Workforce of Tomorrow, Verheijen highlighted that Nigeria has already unlocked over $1 billion in investments across the energy value chain.
By mid-2025, FIDs will be signed for two additional projects, including a multibillion-dollar deepwater exploration initiative. These projects, she noted, will be “the first of their kind in Nigeria in over a decade – one of many to come.”
“We see the abundant opportunities that lie ahead. We see a Nigeria that is a leading global producer and exporter of energy – whether it is fossil fuels or renewables,” Verheijen stated. “We are not held back by the outdated approaches and assumptions of the past. We are open, daring, and eager to leave a legacy that will stand the test of time.”
Over the past year, Verheijen’s team has made strides in creating a more conducive environment for investment. She cited efforts to clarify regulatory roles, reduce operational costs, shorten project timelines, and introduce fiscal incentives for Non-Associated Gas and deep offshore oil and gas exploration.
Additionally, Verheijen emphasized the urgent need to reshape Nigeria’s oil and gas narrative since the passage of the Petroleum Industry Act in 2021. “We are working with an unprecedented sense of urgency to build the foundation for a new era in oil and gas investment,” she remarked.
On the future of Africa’s energy workforce, Verheijen stressed the importance of embracing new talent, especially women and young people, who bring fresh perspectives and are equipped to tackle 21st-century energy challenges.
“Our resources, including renewables, are abundant, yet over 75% of the population lack sufficient energy access,” she pointed out. “To change this, we must ensure that energy becomes a tool for driving industrialization and development across Africa.”
She concluded by underscoring that the continent’s future will depend on the energy workforce’s ability to adapt to rapid changes. “It will take incredible amounts of human energy and a diversity of talent to balance energy security, affordability, and sustainability,” Verheijen said. “We are the ones who will determine the outcome of this delicate balance for Africa’s future.”
