Nigeria’s Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, will join top African and global energy leaders at the G20 Africa Energy Investment Forum scheduled for November 21 in Johannesburg, South Africa, to highlight Nigeria’s ongoing energy reforms and investment drive.
Organised by the African Energy Chamber, the forum will bring together policymakers, investors, and industry players to explore how African nations can attract global capital while advancing energy security and transition. According to the organisers, Verheijen will share insights on how Nigeria’s recent policy reforms are positioning the country as a model for sustainable, hydrocarbon-driven growth.
Nigeria has implemented a series of reforms aimed at revitalising its oil and gas sector. These include the Upstream Petroleum Operations (Cost Efficiency Incentives) Order introduced this year, offering tax credits to companies that achieve cost-reduction targets, and the landmark Petroleum Industry Act (PIA) of 2021, which restructured the Nigerian National Petroleum Company and modernised the sector’s regulatory framework.
The reforms have attracted significant investments, with over $17 billion in foreign direct investment recorded since the PIA’s enactment. Notable projects include ExxonMobil’s $1.5 billion Usan oilfield revitalisation, Shell’s $5 billion Bonga North Deepwater Development, and TotalEnergies’ $550 million gas processing facility, alongside major acquisitions by Seplat, Oando, and Chappal Energies.
Beyond oil, Nigeria’s National Energy Transition Plan targets an increase in gas production to 12 billion cubic feet per day by 2030, supported by a projected $60 billion investment in the gas value chain. The country is also pursuing its 30-30-30 renewable energy plan — 30 GW of power generation by 2030, with 30% from renewables — as part of its net-zero commitment by 2060.
Commenting on Nigeria’s progress, NJ Ayuk, Executive Chairman of the African Energy Chamber, said, “Nigeria’s energy reforms are setting a powerful precedent for what African-led policy can achieve. By fostering transparency, incentivising investment, and prioritising both hydrocarbons and renewables, Nigeria is showing that energy security and transition are complementary drivers of growth.”
The G20 Africa Energy Investment Forum aims to bridge global capital with African energy projects and promote a pragmatic, Africa-centric approach to energy transition.
