Nigeria has attracted more than $4.5 billion in fresh energy investment commitments, marking a major boost for the country’s oil and gas industry and reinforcing investor confidence in Africa’s largest economy. The landmark commitments were announced at the 25th edition of NOG Energy Week, where government officials, global energy companies, investors and technology providers gathered to explore opportunities for expanding Africa’s energy future through strategic partnerships.
Held under the theme “Forging Africa’s Strategic Energy Growth Through Global Collaboration,” the conference produced several high-value agreements across the energy value chain. Gas and Liquefied Natural Gas (LNG) dominated investment activity, accounting for 39% of the total commitments, followed by upstream projects with 31%, midstream operations at 16%, engineering and technology at 10%, while downstream investments contributed the remaining 4%. The figures highlight the growing importance of natural gas as a key pillar of Nigeria’s energy transition strategy.
Among the biggest announcements was a 15-year Gas Sale and Purchase Agreement between the NNPC Limited and Seplat Energy Joint Venture and UTM FLNG Limited. Under the agreement, the joint venture will supply 200 million standard cubic feet of gas daily, providing a significant boost to Nigeria’s first floating LNG project, which is expected to reach its final investment decision in the fourth quarter of 2026. In another major development, ExxonMobil’s affiliate Esso Exploration and Production Nigeria, together with Chevron, TotalEnergies and Nexen, committed $1 billion to the Usan Infill Project, a deepwater oil development expected to increase Nigeria’s crude production by 40,000 barrels per day.
The investment drive also extended beyond oil production. NNPC Limited signed additional agreements with Ajaokuta Steel Company Limited (ASCL), including a Memorandum of Understanding, a gas sale and aggregation agreement, and a network entry agreement involving Chevron Nigeria Limited, AGPC and NNPC Exploration and Production Limited (NEPL). These partnerships are expected to strengthen gas infrastructure, support industrial manufacturing and create new opportunities across Nigeria’s energy ecosystem.
Speaking on the significance of the agreements, NNPC Group Chief Executive Officer Bashir Bayo Ojulari described the deals as more than simple business transactions, saying they represent a major step toward accelerating Nigeria’s industrialisation. He noted that collaboration, innovation and sustained investment remain essential to unlocking Africa’s vast energy resources and expanding access to reliable energy. With billions of dollars now committed, industry stakeholders believe the latest investments could stimulate economic growth, create jobs, enhance energy security and further position Nigeria as a leading destination for energy investment in Africa.
source: the guardian
