BUSINESS & ECONOMY
Tinubu’s Policies Fuel Nigeria’s Oil & Gas Investment Boom, Say Pro-Government Groups
Abuja, Nigeria – Nigeria has reclaimed its position as Africa’s top oil and gas investment destination, which pro-government groups credit to President Bola Ahmed Tinubu’s investor-friendly fiscal policies.
This surge in investment comes after global market intelligence firm Wood Mackenzie confirmed that Nigeria will receive three of the four Final Investment Decisions (FIDs) from major African oil and gas companies in 2024.
The Tinubu Media Support Group (TMSG) and Tinubu Media Volunteers (TMV) have both released statements emphasising the importance of President Tinubu’s economic reforms.
They point to the President’s quick action after taking office, including the signing of three Executive Orders in February 2024, which are expected to unlock over $10 billion in investment.
These orders included a variety of incentives, such as tax breaks for petrol investors, lower corporate income taxes, and streamlined contracting processes, which reduced timelines from up to 32 months to about six.
The findings, according to the groups, are undeniable. Significant investments have flowed into the sector, including:
Shell has invested $122 million in the Iseni Gas Project and committed an additional $5 billion to the Bonga North deepwater project.
Total Energies has invested $566 million in the Ubeta Gas Project in collaboration with the Nigerian National Petroleum Company Limited (NNPCL).
TMV also announced a total investment of $6.7 billion in Nigeria’s energy sector by 2024, with $5.5 billion earmarked specifically for oil and gas.
This includes government funding for the Presidential Metering Initiative and the Clean Mobility and Cooking Initiative. Both groups emphasise that these investments show renewed faith in the stability and attractiveness of Nigeria’s oil sector.
While acknowledging the importance of the previous administration’s Petroleum Industry Act (PIA),
TMSG and TMV credit President Tinubu’s proactive fiscal incentives with creating the favourable environment that attracted these significant investments.
They predict additional growth in 2025, with several investment commitments expected and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) projecting a $17.67 billion inflow over the next five years.
According to them, this increase in investment puts Nigeria on track to meet its targets of 4 million barrels of oil per day and 10 billion cubic feet of gas output by 2030.
Both groups also praised Olu Verheijen, Special Adviser to the President on Energy, for successfully coordinating the implementation of these oil sector reforms.
The statements collectively paint a picture of a revitalised Nigerian oil and gas sector, which is directly linked to President Tinubu’s administration policies.
However, independent verification of these claims by external sources is still required for a truly balanced assessment.
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