Africa: Energy and Natural Resources

Nigeria's 2025 Petroleum Licensing Round offers 50 blocks across the Niger Delta, deep offshore, and frontier basins, targeting USD 10 billion in investment under the Petroleum Industry Act. With nearly 300 applicants competing, the round represents the most ambitious upstream acreage release in Nigeria's post-PIA era, testing the country's reformed regulatory framework at unprecedented scale.

Nigeria’s electricity sector has remained the subject of persistent debate, reform efforts, and unfulfilled promises. Successive administrations since the 1990s have pledged comprehensive transformation of the industry. While some achieved limited structural reforms, many produced little beyond policy papers and committees. The consequence has been a power sector that continues to underperform, with Nigeria generating less electricity per capita than several of its African counterparts.

Nigeria and Ghana are entering a more disciplined execution phase in their energy and natural resources sectors, marked by firmer regulation, active project delivery, and clearer investment signals. Upstream activity is intensifying with over 300 firms competing for oil blocks, while gas pricing adjustments and power sector reforms point to coordinated efforts to stabilise markets and expand supply across both nations.