Nigeria has historically been a major player in Africa’s oil and gas (O&G) industry, contributing a significant portion of the region’s production. However, in recent years, the country’s influence has waned due to a less attractive fiscal environment that discouraged investment. This decline in investor confidence led to reduced capital inflows and a noticeable drop in production output.

Under the leadership of President Bola Tinubu, there are signs of a positive shift. The new administration is working to create a more supportive and engaging fiscal framework aimed at revitalizing the sector. Its goal is to more than double Nigeria’s oil and gas production by encouraging investment through improved policies and closer collaboration with industry stakeholders.

Notable developments include Shell’s approval of the $5.5 billion Bonga North project and ExxonMobil’s $1.5 billion investment to redevelop the Usan Field—both of which are expected to play a critical role in achieving the country’s ambitious targets. According to EIC DataStream, Nigeria has outlined an estimated $56 billion in capital expenditure for its upstream and midstream sectors by 2030, signaling a renewed commitment to reclaiming its leadership position in the African O&G landscape.