Nigeria remains a key player in the exploration and production (E&P) sector across Sub-Saharan Africa. However, a less competitive fiscal regime in recent years has constrained investment and weighed production levels. The sector's outlook is improving under President Tinubu's leadership, with reforms expected to enhance the investment environment and support future growth. The new administration aims to more than double the country’s production and subsequently investment in the country through a more supportive fiscal policy, engaging with companies.

As for relevant investment/industry news, Shell’s decision to sanction the Bonga North project (US$5.5bn), which will be developed as a subsea tie-back to the Bonga Main FPSO facility, starting with up to 16 wells (eight production and eight water injections). Additionally, Shell is also the operator of Bonga Southwest and Aparo (BSWA) project, which is progressing through the Front-end Engineering and Design (FEED) phase and targeting a Final Investment Decision (FID) in 2027. According to EIC DataStream, by 2030 the country has planned estimated CAPEX in the Upstream industry of US$51.3bn.