Investment in Nigeria’s oil sector has risen significantly, a development attributed to the current administration’s reforms and policy stability.
According to Deloitte’s 2025 West Africa Oil and Gas Outlook, the West African oil and gas market is demonstrating strong growth potential, driven by global energy demand and rich reserves.
According to the report, the West African oil and gas market will grow at a Compound Annual Growth Rate (CAGR) of 6.5 per cent from 2025 to 2033.
This is worth approximately US$80 million. Nigeria and Ghana account for approximately 60 per cent and 20 per cent of that value, respectively.
The report explained that sub-Saharan Africa’s oil and gas sector is facing a decisive inflexion point.
“From Nigeria’s hydrocarbon-rich delta to Angola’s offshore blocks, to the enormous gas reserves in the East African rift valley, the continent is recalibrating its approach to energy equity, security and sustainability”.
Regarding crude oil production in Africa, Nigeria remains the top producer, producing around 1.5 million barrels per day (bpd) at the end of 2024, with Angola closely behind at 1.1 million barrels per day..
Nigeria recorded 1.5 million barrels per day at the end of 2024, while Angola followed with 1.4 million.
“These volumes underscore the strategic relevance of the region to Africa’s energy outlook, but they also mask deeper complexities facing operators and policymakers”, the report stressed.
The report was on the topic “Shaping Opportunity from Complexity in West Africa’s Oil and Gas Market”
