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Enelamah Claims Nigeria Recorded over $20bn Investment Inflows in One Year



Dr. Okechukwu Enelamah
  • Enelamah Claims Nigeria Recorded over $20bn Investment Inflows in One Year

In a remark certain to befuddle Nigerians, the federal government claimed at the weekend that the country recorded over $20 billion investment inflows in the last one year, adding that such inflows came by way of infrastructure financing, transactions between local private sector players and their offshore counterparts, as well as sundry commitments, among others.

This is coming amid moves by the international oil companies (IOCs) to attract huge offshore funds to boost operational capacity.

The Minister of Trade, Industry and Investment, Dr. Okechukwu Enelamah, who made the disclosure in an interview weekend, listed investment inflows in the past 12 months as those from the China Eximbank, General Electric (GE), Kellogs, Coca Cola, and Chi Company, among others.

Ironically, the so-called investment inflows have not been evident in an economy reeling from a severe foreign exchange shortage, rising unemployment and spiralling inflation.

“Yes, people are surprised about how big investment inflows are because they have come in large chunks. But let me tell you that we have gotten a total of well over $20 billion,” he said.

He stated that the major infrastructure projects were part of the investment inflows, adding that what people see as investment inflows are “not just the money physically”, but also the commitments that have come.

He added: “If you look at the infrastructure projects that we are doing, there is a $20 billion or more infrastructure projects with the China Eximbank. It has been signed and it’s now implemented around railways and related infrastructure.

“There is an agreement with General Electric, which is about $2 billion which they have committed in the last one year. There are private sector investments such as Chellarams, which sold a major part of their business to Kellogs of the United States. That deal was may be about $400 million.

“There was a deal that was done by Chi with Coca Cola. That deal also ran into hundreds of millions of dollars. BUA also sold something (its flour mills unit) to an international player (Olam International of Singapore) for a substantial sum.

“However, we want to increase the steady inflow of foreign direct investment across all levels because there are many more people waiting on the sidelines, apart from the big people who are doing multi-year infrastructure projects.”

The minister recalled that the Nigerian Investment Promotion Council (NIPC) had “just appointed a new hand for the private sector”, adding that “as a government, we want to partner with the private sector”.

According to him, the government doesn’t have all the money it needs to develop the country, and it is therefore willing and committed to partnering with the private sector players and development capital to develop the country by making sure such capital goes into the right places.

“I think you will find that in investment, things are picking up even in terms of statistics. There is a significant uptick in investment, even though some of it has to do with fixed income investment. But it’s still capital that we need.

“Another thing I want to say regarding investment is that the oil companies have reached an agreement that is now being finalised to bring in more money into the oil and gas sector.

“You will hear more about it from next week (this week). We are just going through the process. You know oil; everybody has a stake in it… There was a meeting with the National Economic Council and other stakeholders will be briefed but it’s a very important programme to bring in billions of dollars into the country.

“They say you need oil to get out of oil and this will improve the oil sector significantly,” Enelamah said.

On what his ministry is doing to diversify the economy vis-a-vis trade and investment, the minister said the ministry was more of an enabler trying to put in place the requisite environment for businesses to thrive.

“The Ministry of Trade and Investment has a particularly important role to play because we view ourselves as a key enabler to those that are in industry, trade and investment.

“Permit me to explain what I mean by being a key enabler. I think all those issues that people have with doing business, whether it takes too long, whether people are trying to give them a hard time, I think we have a particular responsibility as a ministry to make it easy for them to understand and make sure government is listening to them.

“The good news is that this is what is shared by the entire government, right from the president. That was why the president launched the Presidential Enabling Business Council. That’s why it is chaired by the vice-president,” the minister stated.

He added that the ministry was also working on the Nigerian Industrial Revolution Plan as a key programme of government that would help to diversify the economy away from oil, and tilt more towards agriculture and agro processing.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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TotalEnergies Chooses Congo Over Nigeria, Announces $600 Million Investment




French multinational oil company TotalEnergies has decided to steer its investment focus away from Nigeria to bolster its exploration in the Republic of Congo by $600 million.

This decision marks the second time TotalEnergies has overlooked Nigeria in favor of other African nations amid policy inconsistencies and other concerns within the Nigerian oil and gas sector.

Patrick Pouyanne, CEO of TotalEnergies, said the company is investing $6 billion in Angola over Nigeria.

Pouyanne highlighted policy uncertainties and related issues in Nigeria as factors influencing the decision.

In light of this strategic redirection, TotalEnergies has unveiled plans to inject $600 million into the Republic of Congo’s oil production and exploration endeavors, reaffirming its commitment to the African continent.

The investment aims to fund exploration activities and maintain production in Congo’s deep offshore Moho Nord field, a key contributor to the nation’s oil output.

A press statement released by TotalEnergies underscores the significance of this investment, indicating its potential to unlock economic opportunities not only for Congo but also for the broader African region.

The Moho Nord field, where a portion of the investment will be allocated, plays a pivotal role in Congo’s oil production, accounting for approximately half of the country’s total output, equivalent to roughly 140,000 barrels per day.

Expressing optimism regarding the investment’s impact, TotalEnergies CEO Patrick Pouyanne anticipates significant developments in the Moho Nord field, with the arrival of two drilling rigs signaling active exploration efforts.

Pouyanne remains hopeful that these efforts will yield promising discoveries by the year’s end, further solidifying Congo’s position in the global oil market.

Commenting on TotalEnergies’ investment, NJ Ayuk, the executive chairman of the African Energy Chamber (AEC), emphasized the potential for Congo’s oil and gas sector to drive industrialization and alleviate energy poverty across Africa.

Ayuk highlighted the importance of partnerships with companies like TotalEnergies in achieving these objectives, underscoring the pivotal role of foreign investments in Africa’s energy landscape.

In addition to TotalEnergies’ investment, the Republic of Congo stands to benefit from a new strategic partnership with Algeria in the hydrocarbons and energy sectors.

A memorandum of understanding signed between the two countries paves the way for enhanced collaboration, including the development of a roadmap for bilateral relations and the exchange of expertise between Algeria’s Sonatrach and Congo’s SNPC.

The agreement also signifies broader support for the establishment of an African Energy Bank, aimed at directing investments toward oil and gas projects across the continent.

As TotalEnergies redirects its investment focus to Congo, Nigeria faces the challenge of addressing policy inconsistencies and regulatory concerns to attract and retain foreign investment in its oil and gas sector.

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Nigeria Calls on UAE to Modernize 50-Year-Old Oil Pipeline Infrastructure




Nigeria has extended a call to the United Arab Emirates (UAE) for strategic investment.

The Federal Government of Nigeria said there is a need for the renewal and reconstruction of its more than 50-year-old oil pipelines.

Minister of State for Petroleum (Oil), Heineken Lokpobiri, reiterated Nigeria’s vast investment opportunities during discussions held in Abuja with a visiting delegation from the UAE, led by Ambassador Salem Al Shamsi.

The discussions centered on the mutual interests of both nations in the energy sector, particularly in oil exploration and infrastructure development.

Lokpobiri emphasized the critical role of pipelines in transporting crude oil to export terminals, underlining their indispensable significance despite the advancements in alternative transportation methods.

He highlighted the outdated nature of Nigeria’s current pipeline network, most of which was established around the time of Nigeria’s initial oil discoveries in the late 1950s.

Acknowledging the enormity of the investment required, Lokpobiri assured potential UAE investors of attractive investment models.

He outlined a proposal where investors could recover their investments proportionately as crude oil is transported through the pipelines, thereby incentivizing their involvement in the modernization efforts.

Nigeria boasts abundant natural gas reserves, estimated at over 208 trillion cubic feet, positioning the nation as a significant player in the global energy landscape.

Lokpobiri emphasized the potential for further exploration and development in both gas and crude oil sectors, signaling Nigeria’s commitment to maximizing its energy resources.

The recent meeting also delved into the broader context of oil exploration and climate concerns. Lokpobiri reiterated Nigeria’s commitment to the Paris Agreement while emphasizing the importance of a balanced approach to energy production and transition.

He emphasized the need for strategic partnerships to facilitate the financing of Nigeria’s energy transition, highlighting the UAE’s potential role in this endeavor.

Responding to Nigeria’s call, Ambassador Al Shamsi expressed the UAE’s willingness to collaborate with Nigeria in addressing the challenges facing the oil and gas sector.

He affirmed the longstanding relationship between the two nations, spanning over 50 years, and reiterated the UAE’s commitment to supporting Nigeria’s developmental aspirations.

As Nigeria embarks on its journey to modernize its oil infrastructure, partnerships with countries like the UAE are poised to play a pivotal role in realizing its energy ambitions.

The call for investment signals Nigeria’s proactive stance in addressing its infrastructural challenges while leveraging its rich energy resources for sustainable development.

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Nigeria Offers 12 Oil Blocks and 5 Deep Offshore Assets to Global Investors




Nigeria has unveiled plans to offer 12 oil blocks and 5 deep offshore assets to global investors.

The announcement was made during the ongoing 2024 Offshore Technology Conference (OTC) in Houston, United States, where Nigerian officials presented the country’s vast hydrocarbon potential to an international audience of industry stakeholders.

Addressing participants at the African Oil Industry Opportunities Session, a side event at the OTC, Gbenga Komolafe, Chief Executive of the Nigerian Upstream Regulatory Commission, outlined Nigeria’s significant reserves and emphasized the strategic importance of leveraging these resources for economic development.

With over 37.5 billion barrels of crude oil and condensate reserves, as well as 209.26 trillion cubic feet of natural gas reserves, Nigeria stands as a major player in Africa’s energy landscape.

Komolafe highlighted the government’s commitment to conducting a transparent and competitive bidding process, in accordance with the Petroleum Industry Act (PIA) and applicable regulations.

The 2024 Licensing Round, he noted, marks a significant milestone in Nigeria’s hydrocarbon development initiative, introducing 12 carefully selected blocks spanning diverse geological formations, from onshore basins to deep offshore territories.

Each block has been identified for its potential to enhance Nigeria’s reserves and stimulate economic growth, offering opportunities for investors to participate in the country’s oil and gas industry.

The bidding process, which commenced on April 29, 2024, is structured to ensure fairness, competitiveness, and transparency, with guidelines issued to guide prospective bidders.

In addition to the 12 blocks, Nigeria will also conclude the sale of seven deep offshore blocks from the 2022 Mini-Bid Round Exercise, covering approximately 6,700 km2 in water depths ranging from 1,150m to 3,100m.

This comprehensive offering underscores Nigeria’s commitment to maximizing the potential of its petroleum resources and attracting strategic investments to drive sectoral growth.

The bidding round, scheduled to conclude by January 2025, presents a significant opportunity for investors and companies to participate in Nigeria’s oil and gas sector.

The inclusion of both new greenfield blocks and assets from previous bid rounds reflects the government’s dedication to fostering innovation, technological exchange, and capacity building within the industry.

With criteria emphasizing technical competence, financial capacity, and viability, the 2024 licensing round aims to be conducted in a fair, competitive, and non-discriminatory manner, in line with the provisions of the Petroleum Industry Act.

As Nigeria positions itself as a prime destination for oil and gas investment, stakeholders are optimistic about the potential for sustainable growth and development in the sector.

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