For decades, Nigeria has travelled the world promoting the same investment story: vast oil reserves, abundant natural gas, a strategic location and a large market. Successive governments have organised investment roadshows, signed memoranda of understanding and promised reforms to attract capital into the petroleum sector. Despite being Africa’s largest crude oil producer, Nigeria has struggled to convert investor interest into sustained investment, higher production and broad-based economic growth.
The Federal Government’s latest effort to attract global investors, highlighted at the Nigerian-British Chamber of Commerce Energy Day, raises an important question: after years of courting investors, has Nigeria created the conditions that turn investment commitments into lasting prosperity?
“Despite possessing one of the world’s largest natural gas reserves, millions of Nigerians still lack reliable electricity. Businesses continue to rely on generators, raising production costs and reducing competitiveness.”
There have been notable improvements. The enactment of the Petroleum Industry Act (PIA) marked one of the most important reforms in the sector. For years, uncertainty over fiscal terms, regulation and governance discouraged investment. The PIA provided a clearer legal and commercial framework, offering investors greater certainty and improving the sector’s competitiveness.
