We Invested $6.7bn In 2024- Presidency

Posted by Nwa Diokpa Featured, Latest Headlines, News Across Nigeria Thursday, January 23rd, 2025

(AFRICAN EXAMINER) – The special adviser to the president on energy, Olu Verheijen, has stated that a total of $6.7 billion was invested in Nigeria’s energy sector in 2024.

This was disclosed in a report titled ‘Presidency Energy Sector Wrap-Up 2024,’ released by the office of the special adviser, the oil and gas sector accounted for $5.5 billion of the total investment.

According to the report, $400 million was invested by the federal government in the presidential metering initiative, and $700 million was used to clean mobility and cooking.

Verheijen disclosed that assets acquisition made up the $5.5 billion investment, which included Renaissance Consortium’s acquisition of Shell Petroleum Development Company Limited at $1.3 billion.

“Seplat Energy Plc completed the acquisition of Mobil Producing Nigeria Unlimited MPNU from ExxonMobil Corporation ($1.3 billion (firm consideration),” the report said.

“Chappal Energies completed the acquisition of Equinor Nigeria Energy Company (ENEC), a subsidiary of Norway’s Equinor ASA (US$1.2 billion).

“Chappal Energies completed the acquisition of TotalEnergies EP Nigeria’s 10% interest in the SPDC JV licenses in Nigeria ($860 million).

“Oando Plc completed the acquisition of the Nigerian Agip Oil Company (NAOC) ($800 million).

“These acquisitions unlock onshore fields for a new wave of ambitious indigenous companies, ready to invest and boost production.

“This shift strengthens local ownership, drives immediate growth in oil and gas output, and sets Nigeria on a path to a more stable and prosperous energy future.”