https://en.sputniknews.africa/20250126/nigerias-investments-in-energy-sector-exceed-6-billion-in-2024-1070354192.html
Nigeria's Investments in Energy Sector Exceed $6 Billion in 2024
Nigeria's Investments in Energy Sector Exceed $6 Billion in 2024
Sputnik Africa
Nigeria, Africa's energy giant, holds the continent's largest oil reserves alongside Libya, and ranks second in natural gas. With abundant bitumen and lignite... 26.01.2025, Sputnik Africa
2025-01-26T10:35+0100
2025-01-26T10:35+0100
2025-01-26T10:35+0100
sub-saharan africa
nigeria
west africa
renewable energy
energy
investment
economy
development
oil
gas
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Nigeria invested $6.7 billion in the energy sector in 2024, according to a recent report on the energy sector, published by Special Adviser to the Nigerian president on Energy Olu Verheijen.The largest part of this investment was directed towards the oil and gas sector, totaling $5.5 billion, the report said.The future prospects for the oil and gas industry in Nigeria:According to OPEC, Nigeria's crude oil production in December was 1.507 million barrels per day (bpd), based on secondary sources, a slight increase from November. However, the Nigerian government reported a lower figure of 1.485 mbpd.
https://en.sputniknews.africa/20250116/dangote-refinery-decreases-nigerias-reliance-on-european-petroleum-imports-opec-reports-1070203111.html
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nigeria, west africa, renewable energy , energy, investment, economy, development, oil, gas, production, africa, organization of petroleum exporting countries (opec)
nigeria, west africa, renewable energy , energy, investment, economy, development, oil, gas, production, africa, organization of petroleum exporting countries (opec)
Nigeria's Investments in Energy Sector Exceed $6 Billion in 2024
Ekaterina Shilova
Writer / Editor
Nigeria, Africa's energy giant, holds the continent's largest oil reserves alongside Libya, and ranks second in natural gas. With abundant bitumen and lignite, Nigeria's unmatched conventional energy reserves make energy exports the mainstay of its economy, targeting a 90% electrification rate by 2030.
Nigeria invested $6.7 billion in the energy sector in 2024, according to a recent report on the energy sector, published by Special Adviser to the Nigerian president on Energy Olu Verheijen.
The largest part of this investment was directed towards the oil and gas sector, totaling $5.5 billion, the report said.
The future prospects for the oil and
gas industry in Nigeria:
Nigeria is projected to attract $5 billion in gas investments and $30 billion in deep offshore oil investments by 2029, according to Verheijen.
Nigeria aims to boost oil production to an average of 2.062 million barrels per day in 2025, compared to the current average of 1.7 million barrels per day.
According to OPEC, Nigeria's crude
oil production in December was 1.507 million barrels per day (bpd), based on secondary sources, a slight increase from November. However, the Nigerian government reported a lower figure of 1.485 mbpd.
