Nigeria, Africa’s leading oil producer, has made an investment of US$6.7 billion in its energy sector throughout 2024, with the majority of funds allocated to bolstering oil and gas production, according to a report released by Olu Verheijen, Special Adviser to the President on Energy.
The report details that US$5.5 billion was channelled into the oil and gas industry, while the remaining funds were directed towards infrastructure upgrades and the advancement of renewable energy projects, as the nation works to diversify its energy portfolio and achieve a 90 per cent electrification rate by 2030.
Nigeria, which holds the largest proven oil reserves in Africa and ranks second in natural gas reserves, is aiming to increase its daily oil production to 2.062 million barrels per day in 2025. This is reported by
DNE Africa, a partner of TV BRICS.
The government is also targeting US$5 billion in gas investments and US$30 billion in deep offshore oil development by 2029, supported by strategic policies designed to attract foreign investment and further boost output.
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iStock
