DailyNews posted Despite an 18% decline in upstream spending across Sub-Saharan Africa, Nigeria retained the top spot in 2025, attractin...

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Despite an 18% decline in upstream spending across Sub-Saharan Africa, Nigeria retained the top spot in 2025, attracting $5.3bn in upstream capital investment. Only two FIDs were recorded across Sub-Saharan Africa in 2025, Nigeria secured one. The Shell–Sunlink HI Field (OML 144), a shallow-water non-associated gas project, reached FID following Nigeria’s Non-Associated Gas (NAG) incentives issued in 2024, restoring commercial viability and unlocking critical gas feedstock for NLNG. For context: between 2015–2023, Nigeria captured just 4% ($5bn) of sanctioned African FIDs (6 of 44 projects). Over the last two years, Nigeria has secured 38% ($8bn), 5 of 8 projects across the continent. This turnaround reflects the impact of decisive reforms over the past 24 months. Nigeria now offers among the most competitive deep-water fiscal terms globally and the most attractive gas terms in Africa. Looking ahead to 2026, we expect additional FIDs supported by targeted incentives and a stable, investor-focused policy framework Credit: @WoodMackenzie

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