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$550m investment in Ubeta Field Development Project will boost Nigeria's domestic gas supply

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Nigeria, a leading oil-producing nation has struggled to attract the right investments to scale its oil and gas industry, despite having the largest gas reserve base in Africa. This is a major economic challenge, especially as the petroleum sector accounts for about 90% of the nation’s forex earnings and significant contributor to government income though it only contributes about 8% to Nigeria’s GDP.

The new administration led by President Bola Ahmed Tinubu and the office of the Special Adviser on Energy Olu Verheijen, who coordinated across multiple agencies and ministries, has been proactive in its efforts to address issues in the sector with the aim of making Nigeria competitive and attractive to accelerate investments.

The TEPNG Joint Venture investment aligns with the recent Presidential Directives which aims to boost Nigeria’s domestic gas supply and economic development. The directives are predicted to attract new investments and revive dormant projects with over $10 billion worth of projects over the next 18 months.

 

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