Nigeria overtakes Angola in African upstream capex

Nigeria has regained its position as the leading country in Africa for upstream capital expenditure (capex) in 2024, surpassing Angola, according to a new report by Wood Mackenzie.

This surge in investment is driven by multiple incremental deepwater oil developments ongoing in the Lower Congo Basin.

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Olu Verheijen, the special adviser on energy to president Bola Tinubu said Nigeria’s performance is directly tied to the approval of five landmark presidential directives and fiscal incentives introduced during the year.

“These transformative measures are not only reshaping Nigeria’s energy landscape but also setting the stage for unprecedented levels of investment in 2025 and beyond, reaffirming Nigeria’s role as a powerhouse in Africa’s energy sector,” Verheijen said.