Between 2014 and 2023, Nigeria was among the continent’s weakest performers for upstream FIDs despite holding 37.5 billion barrels of proven oil reserves, the second-largest endowment in Africa. Algeria captured 44% of African upstream FIDs during that period, Angola held 26%, while Nigeria trailed Mozambique, Ghana, Senegal and Namibia. In the third quarter of 2022, crude production briefly dropped below one million barrels per day, as years of underinvestment, pipeline vandalism and regulatory ambiguity compounded each other. However, reforms instituted by Nigeria’s President Bola Tinubu have dramatically turned this trend around. Through deliberate and coordinated steps, the government has reset the trajectory.

Addressing Fiscal Terms, Regulatory Scope and Contracting Speed

President Bola Tinubu’s administration moved simultaneously on fiscal terms and regulatory architecture. Policy directives in 2023 clarified the boundary of jurisdiction between the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), resolving an ambiguity that had complicated project sanctioning. Presidential Directive 40 introduced targeted tax incentives, and a separate Notice of Tax Incentives for Deep Offshore Production in 2024 was designed to draw international oil companies (IOCs) back into capital-intensive, long-cycle deepwater projects. The VAT Modification Order 2024 and Upstream Cost Efficiency Order 2025 addressed the cost structures that had rendered marginal projects uneconomic. NNPCL contracting timelines were compressed from 36 months to a maximum of six months.

Four Divestments Transferred Onshore Control to Indigenous Operators

In parallel, the administration deployed targeted security directives and accelerated ministerial consents for four IOC asset transfers. Renaissance acquired Shell’s onshore portfolio. Seplat Energy completed its acquisition of ExxonMobil’s Nigerian upstream interests. Oando took over from Agip, and Chappal acquired Equinor’s local assets. The four transactions totaled approximately $4 billion. The transfer of onshore and shallow-water blocks to indigenous operators contributed directly to production recovery. Output rose by approximately 400,000 barrels per day between 2023 and 2025 to reach 1.6 million barrels per day, the highest onshore production level in 20 years.

Signed Projects Total $10 Billion, With a $50 Billion Pipeline Beyond

The reforms produced a concrete FID response from Shell and TotalEnergies. Shell Nigeria Exploration and Production Company (SNEPCo) sanctioned the $5 billion Bonga North deepwater development in December 2024 and committed a further $2 billion to the HI Non-Associated Gas (NAG) project. TotalEnergies and NNPCL took a joint FID on the $550 million Ubeta gas field development in June 2024.

Together those three commitments account for more than $10 billion in signed investment after a decade of near-zero sanctioning activity. The pipeline beyond 2026 spans a further $50 billion across 11 projects including Bonga South West, Owowo, Usan and Erha. Nigeria approved 28 field development plans valued at $18.2 billion in 2025 alone, targeting an estimated 1.4 billion barrels of reserves.

“When a government rebuilds fiscal competitiveness and regulatory predictability at the same time, capital responds,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “Nigeria has done both, and the FID numbers are concrete proof.”

The Counterfactual Illustrates How Much Was at Stake

The presentation includes a no-reform projection that puts the gains in context. Without intervention, total crude and condensate production was on track to fall from 1.371 million barrels of oil equivalent per day in 2022 to 579,000 by 2030. Under the reform trajectory, output reached 1.77 million barrels of oil equivalent per day in 2026, with a stated government target of 3 million barrels per day. Export gas utilization rose 39% over the same period, while domestic utilization grew by 7%.

The durability of these gains will be tested by two factors: whether the institutional architecture put in place under the Tinubu administration holds over the long term, and whether the deepwater commitments signed in 2024 and 2025 advance to execution on schedule. The project pipeline is large enough that partial delivery would still represent a generational shift in Nigeria’s upstream output profile.

More than a conference, this gathering represents a strategic international engagement at a time when Angola is actively reshaping its economic future and positioning itself as one of Africa’s most compelling destinations for long-term investment in natural resources, infrastructure, and industrial development.

With sweeping reforms across the extractive sector, Angola is entering a new phase defined by transparency, regulatory modernisation, value addition, and international partnership. The country’s leadership is sending a clear message to global markets: Angola is open for investment and ready to build transformational partnerships that support sustainable growth and economic diversification.

The event will be headlined by H.E. Diamantino Azevedo, Minister for Mineral Resources, Oil and Gas of Angola, whose leadership since 2017 has been central to advancing Angola’s mineral and hydrocarbons agenda. Under his stewardship, Angola has accelerated institutional reform, strengthened governance frameworks, promoted private sector participation, and prioritised sustainable resource development.

As global demand intensifies for critical minerals, energy security, and resilient supply chains, Angola is uniquely positioned to become a strategic partner to international investors and industrial economies. The country’s vast untapped mineral wealth, significant oil and gas reserves, expanding infrastructure ambitions, and commitment to economic diversification present a rare investment window for global stakeholders.

Speaking ahead of the event, Veronica Bolton Smith, CEO of the Critical Minerals Africa Group said:

“Angola stands at a pivotal point in its national development. The reforms taking place across the country’s extractive sectors are creating unprecedented opportunities for responsible international investment and strategic partnership. This is not simply about resource development, it is about building long-term industrial growth, strengthening energy and mineral supply chains, and shaping Angola’s future as a globally competitive investment destination. We believe this moment represents one of the most important opportunities for international partners to engage with Angola’s leadership and participate in the country’s next chapter of economic transformation.”

The event is expected to attract a distinguished international audience, including sovereign representatives, institutional investors, mining and energy executives, infrastructure developers, development finance institutions, and strategic partners seeking direct engagement with Angola’s leadership.

The high-profile event which took place on Thursday, 7^th May 2026, at Azerbaijan’s Ministry of Economy, came as part of ongoing preparations for the upcoming IsDB Group Annual Meetings and Private Sector Forum (PSF 2026), scheduled to take place from 16 to 19 June 2026, under the high patronage of His Excellency President Ilham Aliyev, the President of the Republic of Azerbaijan.

Bringing together a diverse range of stakeholders, the Forum showcased IsDB Group services, activities, and initiatives across its 57 member countries, with particular emphasis on Azerbaijan. It highlighted the Group’s ongoing support for private sector development and its efforts to stimulate promising investment and trade opportunities in the Azerbaijani market.

The event also served as a unique opportunity inviting the audience to participate actively in IsDB Group Annual Meetings and the Private Sector Forum (PSF 2026). The program included panel discussions and specialized workshops on ways to enhance economic partnerships and the role of IsDB Group’s institutions in supporting the needs of member countries. The spectra of services, solutions and financial tools were also presented, including lines and modes of Islamic financing, trade finance and trade development solutions, corporate private sector financing, as well as risk mitigation solutions plus investment insurance and export credit insurance services.

Keynote speakers, in their speeches, underlined strong commitment to deepening engagement with the private sector and fostering meaningful partnerships that drive sustainable economic growth in light of the upcoming IsDB Group Annual Meetings in Baku, all to showcase integrated solutions especially in Islamic finance, trade, investment, and risk mitigation while working closely and collectively with private sector partners to unlock new opportunities, support innovation, and empower businesses contributing to inclusive and resilient development across IsDB Group member countries.