Accelerating Nigeria’s Energy Progress: Investment, Partnerships, and Innovation Take Center Stage at NOG Energy Week
By Jerome Okojokwu-Idu
As Nigeria charts its course toward a sustainable energy future, the 2024 NOG Energy Week played a vital role in shaping discussions across government and private sectors by showcasing the available opportunities and driving investment to meet growing energy demand. With the 2025 theme, “Accelerating Energy Progress Through Investment, Global Partnerships & Innovation,” industry leaders are committed to advancing practical solutions that will unlock Nigeria’s vast energy potential.
Investment remains central to Nigeria’s strategy for achieving energy security and economic growth. Throughout the event, experts called for a more competitive investment climate that attracts both local and international capital. They stressed the importance of government reforms to simplify funding processes, introduce fiscal incentives, and create policies that encourage participation in critical energy projects.
Signs of renewed investor confidence are already emerging. Shell’s Final Investment Decision (FID) on the Bonga North deep-water project and TotalEnergies’ commitment to offshore gas developments signal growing momentum. With Nigeria aiming to secure $30 billion in deep offshore investments by 2029, maintaining regulatory stability and addressing infrastructure gaps will be key to sustaining progress.
“I am pleased to highlight the impressive strides we have made toward fulfilling that promise. Following the board’s decision last year, Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell plc, has announced a Final Investment Decision (FID) on the Bonga North project,” said Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.
“This deep-water development, located off the coast of Nigeria, will generate additional 110,000 bpd to our production capacity. Bonga North will serve as a subsea tie-back to the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility, where Shell holds a 55% interest,” he added.
Unlocking New Opportunities
Collaboration between Nigeria and global energy players is increasingly recognized as a key driver of progress. The involvement of international oil companies (IOCs) such as Shell and TotalEnergies, alongside strategic partnerships with financial institutions like Afreximbank and the International Finance Corporation (IFC), highlights the critical role of alliances in advancing Nigeria’s energy ambitions.
A recent example is the IFC-backed Nigeria Distributed Access Through Renewable Energy Scale-Up initiative, which aims to provide electricity to 400,000 Nigerians, demonstrating a growing commitment to closing the country’s energy access gap. Experts at the 2024 NOG Energy Week emphasized that strengthening partnerships with global and regional stakeholders is essential—not only to attract investment but also to drive knowledge transfer and accelerate technological innovation across the sector.
Driving Energy Transition
Innovation is central to Nigeria’s evolving energy landscape. During the 2024 edition, industry leaders underscored the potential of emerging technologies like Artificial Intelligence (AI) and Blockchain to improve efficiency, strengthen transparency, and unlock new market opportunities in the gas sector. Panelists also called for alternative financing models, such as vendor financing, to support project development and accelerate sector growth.
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With the energy transition gaining momentum, Nigeria is advancing renewable energy initiatives alongside its traditional hydrocarbon resources. Efforts to scale up Liquefied Natural Gas (LNG) and Compressed Natural Gas (CNG) adoption, alongside investments in cleaner power solutions, reflect the country’s commitment to building a more diversified and sustainable energy future.
Conclusion
As the energy sector looks ahead to the 24th edition of the NOG Energy Week in Abuja, the insights from 2024 reinforce the need for a strategic framework built on investment, partnerships, and innovation. Across the industry, there is consensus that Nigeria possesses the resources and capacity to emerge as a global energy leader—what is needed now is unified, decisive action to drive sustained progress.
