Nigeria has attracted about $8 billion in energy investments over the last 18 months and is targeting an additional $20 billion by 2029 to strengthen electricity supply, boost industrial output, and enhance export competitiveness.
Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, disclosed this in an interview with Bloomberg on the sidelines of the 2025 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). Verheijen said the Tinubu administration had implemented key fiscal reforms to improve Nigeria's investment climate and attract global capital.
"We have done a lot to improve the investment climate. The President has implemented fiscal reforms to make our market more competitive. In 2024, Nigeria was ranked among the top three investment destinations out of 14 peer countries," she said.
According to her, a large share of the inflows has gone into oil and gas projects designed to strengthen energy security and increase export value. "Although most investments have gone into the upstream sector, we have catalysed about $8 billion in the last 18 months, largely from major international investors. The next $20 billion will come from both foreign and indigenous players drawn by the ongoing reforms," Verheijen explained.
She noted that new investments would focus on gas infrastructure to drive industrial growth, enhance affordability, and deepen access for Nigerian businesses. "When we enable gas supply, we catalyse midstream and downstream development. We are also diversifying gas exports to reduce dependence on crude oil and increase value addition through petrochemical and fertiliser production," she said.
The presidential aide added that two major final investment decisions were expected within the next 12 months, reflecting rising investor confidence in Nigeria's energy sector.
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Verheijen's comments came amid recent diplomatic tension following remarks by former U.S. President Donald Trump alleging "Christian genocide" in Nigeria and suggesting possible military action. Responding, she urged for a better understanding of Nigeria's security realities, stressing that the country's conflicts were not religiously motivated.
"There's a lot of misunderstanding about Nigeria. A small group of terrorists carry out attacks, but it's not based on religion. Nigeria is a diverse country where people of different faiths coexist peacefully," she said.
She cited her own experience in government as an example of the nation's religious harmony. "I'm Christian, the President is Muslim, and his wife is Christian. That's the Nigeria we know—one of coexistence and mutual respect," she added.
Verheijen cautioned that inflammatory statements from global figures could undermine Nigeria's progress in economic reform and investment attraction. "Such rhetoric can jeopardise the work we've done to attract investors and stabilise the economy," she warned.
She reaffirmed Nigeria's commitment to combating terrorism through inclusive, non-sectarian strategies while promoting peace and understanding among diverse communities. "We've always shown the world that Nigerians of all faiths can live, work, and build together," she said.
