Bankability Challenge with Capital Mobilisation for Oil and Gas Projects.
Nigeria has the resources. The country holds about 37.5 billion barrels of proven crude oil reserves and 209 trillion cubic feet of proven natural gas reserves, making it one of Africa’s most significant gas markets. What Nigeria has struggled to mobilise is capital. Between 2021 and 2025, Final Investment Decisions (FIDs) across Nigerian oil and gas projects amounted to less than $5 billion. That is a long way from the roughly $60 billion required to meet the ambitions of the Decade of Gas and support the development of assets changing hands as international oil companies continue to divest. The constraint is increasingly financial rather than geological. There are projects with reserves, licences, infrastructure and credible sponsors that still cannot raise the long-term capital required to develop them. The missing ingredient is a financing structure that gives lenders enough confidence to
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