Nigeria’s Olu Arowolo-Verheijen headlines G20 Africa Energy Investment Forum in Johannesburg   

*NJ Ayuk, Executive Chairman of African Energy Chamber, affirms the Nigerian Government’s energy reforms are setting ‘a powerful precedent for what African-led policy can achieve’, stating the West African country’s multi-faceted energy strategy aligns closely with the forthcoming G20 Africa Energy Investment Forum, in Johannesburg, to promote an Africa-centric approach to the energy transition aimed at powering and industrialising its economies

Gbenga Kayode | ConsumerConnect

Major African oil and gas producers, including Nigeria, are gearing up to bring their strategic energy agendas to a global audience at the forthcoming G20 Africa Energy Investment Forum fast-approaches in South Africa.

ConsumerConnect reports the G20 Africa Energy Investment Forum, being hosted by the African Energy Chamber (AEC), holds November 21, 2025, at the Southern Sun Sandton, in Johannesburg.

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Mrs. Olu Arowolo-Verheijen, Special Adviser to President Bola Ahmed Tinubu on Energy, has joined to headline the energy forum in the Southern African country.

AEC: Energy reforms positioning Nigeria as ‘a benchmark’ for other economies

The African Energy Chamber, which disclosed this development Friday, November 7, 2025, in a statement by APO Group noted Arowolo-Verheijen is expected to share insight into how Nigeria’s recent slate of reforms is not only attracting foreign investment into the energy value chain, but are also positioning the country as a benchmark for other African countries as they pursue a hydrocarbon-driven energy transition.

The Chamber also stated that as one of the African continent’s biggest oil and gas producers, Nigeria has been realigning policy with the aim of accelerating exploration, reversing production decline, and unlocking greater value from both onshore and offshore hydrocarbon basins.

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The statement further noted that recent reforms include the introduction of the “Upstream Petroleum Operations” (Cost Efficiency Incentives) Order this year, offering performance-based tax credits to oil and gas companies that achieve cost-reduction targets.

On $17 billion in FDI in Nigeria’s oil and gas industry

The AEC as well said that the “policy aims to lower operational costs, enhance the sector’s attractiveness while attracting investment into upstream projects.

“It also follows the implementation of the Petroleum Industry Act (PIA) in 2021, which overhauled sector governance, unbundled the Nigerian National Petroleum Company Limited (NNPCL) into a commercially-oriented entity, and established a modernised regulatory framework to attract capital and foster sustainable growth.”

According to the Chamber, the impact of these reforms in the energy sector has already been evident.

The African Energy Chamber said since the enactment of the PIA, Nigeria has catalysed over $17 billion in Foreign Direct Investment (FDI) in its oil and gas industry, reflecting renewed global confidence in the market.

The statement also noted that the country has also witnessed a surge in spending from active operators, including a $1.5 billion investment by ExxonMobil to revitalise its Usan deepwater oilfield; $5 billion FID reached for Shell’s Bonga North Deepwater Development; and a $550 million investment by TotalEnergies to develop a gas processing facility.

The Chamber averred that these investments follow a series of mergers and acquisitions 2024, with the country attracting $6.7 billion in investments throughout the year, driven by acquisitions by Seplat, Chappal Energies and Oando.

According to the Chamber, these developments are aligned with Nigeria’s broader goal to increase production upwards of two to three million barrels per day (bpd).

The statement noted: “Nigeria’s energy strategy transcends the oil industry, showcasing a diverse and multi-faceted development approach that considers all forms of energy.

“Part of its National Energy Transition Plan – which aims to advance low-carbon and sustainable energy projects – the country has set a goal to increase gas production to 12 billion cubic feet per day by 2030 and is seeking $60 billion over the next five to seven years to strengthen the gas value chain.

“With over 200 trillion cubic feet of proven gas reserves, Nigeria’s gas sector has become a key priority for the nation’s development agenda.”

The AEC disclosed that in the renewable energy sector, the West African country has established a ’30-30-30’ plan, targeting 30 GW of grid-connected power capacity by 2030, 30 percent of which would be derived from renewable energy sources.

It explained the plan comes as the country pursues net-zero by 2060, and is expected to contribute towards its goal of achieving universal access to electricity.

Some highlights of energy projects  

The African Energy Chamber said that Nigeria had launched several projects to realise this objective.

Oando Clean Energy is developing a 1.2 GW solar farm in Jigawa; the World Bank is backing the $750 million Distributed Access through Renewable Energy Scale-up project, set to provide power to over 17.5 million Nigerians; while the Rural Electrification Agency of Nigeria has signed agreements with 10 companies for the generation of 948 MW of electricity, the Chamber stated.

These developments, the statement observed, are not only set to strengthen the country’s power capacity but also create thousands of jobs and support local business development.

Adopting Africa-centric approach to energy transition

Speaking on the upcoming event in Johannesburg, N. J. Ayuk, Executive Chairman, African Energy Chamber, asserted: “Nigeria’s energy reforms are setting a powerful precedent for what African-led policy can achieve.

“By fostering transparency, incentivising investment and prioritising both hydrocarbons and renewables, Nigeria is showing that energy security and transition are not competing goals; they are complementary drivers of growth.”

Ayuk stated that Nigeria’s multi-faceted energy strategy aligns closely with the G20 Africa Energy Investment Forum, which is planned to promote an Africa-centric approach to the energy transition.

The G20 Africa Energy Investment Forum, in recognising the African continent’s vital need to power and industrialise its economies, will offer a bridge between global capital and African projects, tackling key topics such as the role of natural gas, the value of integrated energy systems and how African oil producers can drive the continent’s energy transition, said the AEC.

Prospective participants are encouraged to register for the Forum at: https://apo-opa.co/43Tsxht.

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