Adedapo Adesanya
By Adedapo Adesanya
Nigeria intends to use the forthcoming Africa Oil Week to showcase investment opportunities in its oil and gas industry.
The country’s delegation to the yearly programme will be led by the Special Advisor to President Bola Tinubu on Energy, Mrs Olu Verheijen.
Nigeria’s energy sector is in the middle of a complete overhaul after the passing of landmark reforms such as the Petroleum Industry Act (PIA)in 2021, the signing of the Electricity Act in 2023, and the removal of fuel subsidies by President Tinubu.
Joining her to lead the delegation is Mr Gabriel Aduda, the Permanent Secretary of the Federal Ministry of Petroleum Resources, at the event scheduled to take place from October 9-13 in Cape Town, South Africa.
The event is a global platform for deals and transactions, bringing together governments, national and international oil companies, independents, investors, and service providers to maximise Africa’s natural resources, for the betterment of the continent.
Nigeria remains Africa’s biggest economy and energy market, with tremendous investment potential in oil production and refining, gas pipelines, gas distribution, and power infrastructure.
However, amid slumps due to the business climate, the country is seeking increased investment appetite across the upstream, midstream, and downstream sectors.
Africa Oil Week will provide a platform for deal-making and investments across the country’s oil, gas, and energy infrastructure.
At Africa Oil Week 2023, the Nigerian delegation will communicate the country’s agenda to grow oil production to 2.1 million barrels per day by December 2024.
Following several consultations with local and international operators, the Special Advisor to President Tinubu on Energy and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently announced that $55.2 billion of investments were projected from operators in Nigeria by 2030. $13.5 billion is expected to be invested within the next 12 months alone.
At AOW 2023, the Nigerian delegation will communicate the country’s agenda to grow oil production to the set target by next year, expand midstream and downstream infrastructure, and build energy systems that are resilient and affordable.
To support deal-making across these segments, officials from Nigeria’s new government will be joined by a growing list of Nigerian companies and delegates, including the Nigerian National Petroleum Company (NNPC) Limited, Seplat Energy, Oando Plc, Aradel Holding Plc, ND Western, Green Energy International, LEKOIL, Mr Olaniwun Ajayi, and representatives of the NUPRC.
