Nigeria Regains Top Spot as Africa’s Leading Oil Investment Destination – Africa.com
Wood Mackenzie said that by 2024, Nigeria will surpass Angola and become Africa’s largest oil upstream investment destination again. This resurgence has been driven by strategic deepwater projects such as the $4.6 billion Bonga North Tranche 1 project and Energes’ $2.6 billion HI (OML 144) development. Key reforms, including five presidential directives and fiscal incentives, enhance Nigeria’s attractiveness and lay the foundation for continued investment growth in 2024 and beyond. Although Angola maintains significant offshore investment, it faces challenges due to low returns on marginal projects and its withdrawal from OPEC. Elsewhere, countries such as Ghana and Senegal have also seen growth, albeit on a smaller scale. Nigeria’s renewed dominance reflects a shift in Africa’s energy dynamics, underscoring its key role in the region’s oil and gas landscape.
source: business day
