Nigeria has surpassed Angola to reclaim its top spot in Africa for upstream capital expenditure (capex) in 2024, according to a recent Wood Mackenzie analysis.
The Lower Congo Basin’s numerous ongoing incremental deepwater oil developments are the main cause of this investment boom.
President Bola Tinubu‘s special adviser on energy, Olu Verheijen, stated that the acceptance of five historic presidential directives and fiscal incentives that were issued during the year directly affects Nigeria’s performance.
Nigeria’s position as a major player in Africa’s energy industry is being reaffirmed by these revolutionary initiatives, which are also changing the country’s energy landscape and paving the way for previously unheard-of amounts of investment in 2025 and beyond, Verheijen stated.
