Peter Uzoho


In recent years, Africa’s investment climate has seen significant fluctuations, with Foreign Direct Investment (FDI) declining amid widespread economic uncertainties. Nigeria, as the continent’s second-largest economy, hasn’t been immune to these challenges. Issues such as economic instability, currency volatility, and rising operational costs—compounded by increasing inflation—have made doing business in Nigeria increasingly difficult.

As a result, more than 20 companies have shut down and relocated their investments to other markets between 2020 and 2024. This exodus has not only affected the business landscape but has also led to substantial job losses, further aggravating the already dire youth unemployment situation in Nigeria. However, in this dire strait, the Nigerian National Petroleum Company Limited and other International Oil Companies, some of which are in Joint Venture operations with the former, offered a glimmer of hope by making Nigeria Africa’s top upstream investment destination of choice in 2024.

A market intelligence firm, Wood Mackenzie, in its recent report, shows that Nigeria ranks as Africa’s leading destination for upstream oil and gas investment in 2024. The country accounted for three out of four Final Investment Decisions (FIDs) totaling $13.5 billion announced by global oil and gas majors in 2024.

https://www.thisdaylive.com/index.php/2025/02/01/as-nigeria-dominates-africa-in-13-5bn-upstream-investment/