The Special Adviser to the President on Energy, Olu Verheijen, disclosed this on Thursday via X, citing a report by Wood Mackenzie.

According to the report, only two Final Investment Decisions (FIDs) were recorded across Sub-Saharan Africa in 2025, with Nigeria securing one of them. The approved project is the Shell–Sunlink HI Field (OML 144), a shallow-water non-associated gas development.

The project reached FID following the introduction of Nigeria’s Non-Associated Gas (NAG) incentives in 2024, which restored its commercial viability and unlocked critical gas feedstock for Nigeria LNG (NLNG).

“Despite an 18% decline in upstream spending across Sub-Saharan Africa, Nigeria retained the top spot in 2025, attracting $5.3bn in upstream capital investment.l,” Verheijen wrote.

“Only two FIDs were recorded across Sub-Saharan Africa in 2025, Nigeria secured one.

“The Shell–Sunlink HI Field (OML 144), a shallow-water non-associated gas project, reached FID following Nigeria’s Non-Associated Gas (NAG) incentives issued in 2024, restoring commercial viability and unlocking critical gas feedstock for NLNG.”

She noted that Nigeria’s recent performance marks a significant turnaround when viewed against historical trends. Between 2015 and 2023, the country attracted just four per cent, or $5 billion, of Africa’s sanctioned upstream FIDs, accounting for six out of 44 projects across the continent.

However, over the last two years, Nigeria has secured 38 per cent of Africa’s sanctioned FIDs, amounting to $8 billion across five of the eight projects approved continent-wide.

Verheijen attributed the resurgence to decisive regulatory and fiscal reforms implemented over the past 24 months, stating that Nigeria now offers some of the most competitive deep-water fiscal terms globally and the most attractive gas terms in Africa.

Looking ahead, she expressed optimism that additional FIDs would be achieved in 2026, supported by targeted incentives and a stable, investor-focused policy framework.

“Nigeria now offers among the most competitive deep-water fiscal terms globally and the most attractive gas terms in Africa.

“Looking ahead to 2026, we expect additional FIDs supported by targeted incentives and a stable, investor-focused policy framework,” Verheijen added.