NGNigeria is leading Africa's $221 billion oil and gas investment drive, with the country projected to attract $30 billion to $50 billion in investments for 22 major offshore projects by 2030, according to a report by Industrial Info Resources. The report highlights that over 800 active oil and gas projects are underway across Africa, driven by energy security concerns and geopolitical uncertainties. Nigeria's upstream regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), expects these projects to begin operations between now and 2030. The NUPRC chief, Oritsemeyiwa Eyesan, reported that over $57 billion in field development plans have been approved since 2024. The report notes that African countries are increasing spending on production and midstream infrastructure, with a focus on offshore oil development and LNG projects like Mozambique's TotalEnergies-led LNG facility and ExxonMobil's Rovuma LNG project.
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