Africa’s oil and gas industry is set for a $43 billion investment in 2025, with Nigeria leading due to its vast reserves. According to the African Energy Chamber, capital expenditure could reach $54 billion by 2030, driven by new Final Investment Decisions (FIDs).
While 2024 saw a $47 billion investment—a 23% increase from 2023—West and North Africa are expected to dominate spending through 2030.West Africa will drive over 50% of Africa’s oil and gas capex by 2030, led by Nigeria and Angola, with emerging players joining.
North Africa will account for 35%, while liquid hydrocarbons will attract 60% of investments.
Natural gas spending will rise from 30% in 2023 to over 40% by 2030.In recent years, global energy giants have prioritized new gas and LNG projects in West Africa, along with oil exploration in Namibia, which has discovered vast reserves.
