The organizers of Africa Oil Week have revealed that Olu Verheijen, Special Advisor on Energy to His Excellency President Bola A. Tinubu, and Gabriel Aduda, Permanent Secretary of the Federal Ministry of Petroleum Resources, will lead a Nigerian delegation to the upcoming event scheduled for October 9-13 in Cape Town, South Africa. This delegation aims to showcase investment opportunities within Africa’s largest oil and gas-producing market,Energy News Africa reports.
Africa Oil Week serves as a global platform for facilitating deals and transactions, bringing together governments, national and international oil companies, independent entities, investors, and service providers to harness Africa’s natural resources for the continent’s advancement.
Nigeria’s energy sector is currently undergoing a significant transformation following the enactment of pivotal reforms like the Petroleum Industry Act in 2021, the signing of the Electricity Act in 2023, and the removal of gasoline subsidies by President Bola Ahmed Tinubu.
These initiatives have garnered positive responses from the private sector and have substantially increased investment interest in Nigeria’s upstream, midstream, and downstream sectors.
As investors turn their attention to Nigeria, Africa Oil Week is enthusiastic about providing a platform for fostering deals and investments across the country’s oil, gas, and energy infrastructure.
The presence of Nigerian officials at Africa Oil Week aligns with President Bola A. Tinubu’s pro-business agenda and the new administration’s commitment to creating a conducive environment for investors and stakeholders.
Following extensive consultations with both local and international operators, the Special Advisor to President Tinubu on Energy and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently announced projections of $55.2 billion in investments from operators in Nigeria by 2030, with approximately $13.5 billion anticipated within the next 12 months alone.
At Africa Oil Week 2023, the Nigerian delegation will convey the country’s objectives, which include increasing oil production to 2.1 million barrels per day by December 2024, expanding midstream and downstream infrastructure, and establishing resilient and affordable energy systems.
Nigeria retains its position as Africa’s largest economy and energy market, offering substantial investment prospects in oil production, refining, gas pipelines, gas distribution, and power infrastructure.
To facilitate dealmaking in these sectors, officials from Nigeria’s new government will be joined by an expanding roster of Nigerian companies and delegates, including NNPC, Seplat Energy, Oando Plc, Aradel Holding Plc, ND Western, Green Energy International, LEKOIL, Olaniwun Ajayi, and representatives of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).