Nigeria targets $50bn in offshore energy investments

Nigeria is targeting between $30 billion and $50 billion in offshore oil and gas investments over the next five years. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), approximately 22 major offshore projects are expected to drive this capital inflow between 2026 and 2030.

This investment push follows Nigeria’s admission as an associate member of the International Energy Agency (IEA). IEA Executive Director Fatih Birol noted that this membership is expected to help attract capital, deepen technical cooperation, and increase Nigeria’s influence in global energy policy. The move aims to reverse years of underinvestment and address production shortfalls caused by regulatory uncertainty and security issues.

Investors are increasingly favoring offshore developments over onshore assets due to persistent security risks, including pipeline vandalism and oil theft in southern regions. However, experts warn that the complexity of these large-scale projects introduces significant governance risks. As capital moves through intricate networks of contractors, joint ventures, and intermediaries, the potential for procurement irregularities and illicit payments increases, requiring investors to closely monitor both project economics and capital flows.