Nigeria has reclaimed its position as Africa’s top oil upstream investment destination in 2024, surpassing Angola, according to Wood Mackenzie. This resurgence stems from strategic deep-water projects like the $4.6 billion Bonga North Tranche 1 and Energes’ $2.6 billion HI (OML 144) development. Key reforms, including five presidential directives and fiscal incentives, bolstered Nigeria’s appeal, laying the groundwork for sustained investment growth in 2024 and beyond. Angola, while maintaining significant offshore investments, faced challenges due to lower returns on marginal projects and its exit from OPEC. Elsewhere, nations like Ghana and Senegal showed growth, albeit at smaller scales. Nigeria’s regained dominance reflects a shift in Africa’s energy dynamics, underscoring its pivotal role in the region’s oil and gas landscape.
Source: BusinessDay