Africa’s biggest oil producer is making its strongest pitch yet to win back global energy investors.
Nigeria expects to attract between $30 billion and $50 billion in offshore oil and gas investment by 2030 as 22 major deepwater projects move towards production, marking one of the country’s most ambitious attempts in years to revive an industry that has steadily lost capital to emerging rivals such as Guyana, Namibia and Brazil.
The investment pipeline comes at a critical moment for Nigeria’s energy sector.
Despite remaining Africa’s largest crude producer, Nigeria has struggled for much of the past decade with declining output, delayed project approvals, oil theft, ageing infrastructure and policy uncertainty.
Those challenges prompted several international oil companies to scale back onshore operations and redirect capital to faster-growing offshore basins elsewhere in the world.
