Nigeria is currently reaping the benefits of clear-cut policies that are repositioning the country’s oil and gas industry, resulting in total Final Investment Decisions (FIDs) worth approximately $13.5 billion.

According to a report by market intelligence firm Wood Mackenzie, Nigeria accounted for three out of four FIDs announced in 2024 by global oil and gas majors. The combined value of these FIDs stood at around $13.5 billion.

The report highlighted key projects, including Shell’s $122 million investment in the Iseni Gas Project, TotalEnergies’ $566 million commitment to the Ubeta Gas Project, and Shell’s approval of the Bonga North Tranche 1 project.

The report commended Nigeria for adopting investor-friendly policies and pursuing strategic global partnerships aimed at unlocking its hydrocarbon potential.

The Nigerian government introduced several initiatives last year to attract investments in the oil and gas sector. Among these was the introduction of tax incentives targeting up to $10 billion in natural gas investments.

Additionally, authorities implemented measures to reduce the cost and time associated with awarding contracts, a move expected to make Nigeria even more appealing to investors.

Looking ahead, the government plans to deepen collaboration with both local and international partners in 2025. TotalEnergies, for example, is expected to invest $750 million in the Nigerian market next year.