The International Energy Agency (IEA) says an improved policy environment may spur additional upstream investment in Nigeria’s oil and gas sector.
In its 2025 ‘World Energy Investment’ report, the agency said Nigeria has recently increased production.
“In sub-Saharan Africa, upstream investment is set to drop by around 15% in 2025, and the region will comprise less than 5% of the global total,” the report reads.
“Upstream investment is likely to rise in the coming years… given some exploration successes in Namibia and the recent government approval of the USD 7.2 billion for the Coral North FLNG project in Mozambique.
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“Nigeria has recently increased production and an improved policy environment may spur additional investment.”
Similarly, the agency said global energy investment is set to reach a record $3.3 trillion in 2025 — two-thirds of which will be on ‘clean energy’ technologies, double the amount going to fossil fuels.
“Global energy investment is set to increase in 2025 to a record $3.3 trillion despite headwinds from elevated geopolitical tensions and economic uncertainty,” the agency said.
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“Investment in clean technologies – renewables, nuclear, grids, storage, low-emissions fuels, efficiency and electrification – is on course to hit a record $2.2 trillion this year, reflecting not only efforts to reduce emissions but also the growing influence of industrial policy, energy security concerns and the cost competitiveness of electricity-based solutions,” the IEA said.
The agency said investment in oil, natural gas, and coal would reach $1.1 trillion.
