Nigeria has retained its position as one of Africa’s dominant oil and gas investment destinations despite a sharp decline in upstream capital flowing into the continent, with the International Energy Agency revealing that the country and four other major producers still account for 70 per cent of Africa’s upstream investment and 80 per cent of its crude oil and gas production.
The disclosure comes as the agency warned that upstream investment across Africa has fallen dramatically over the past decade, reflecting declining competitiveness among mature producers even as emerging oil and gas nations continue to attract increasing capital.
The findings were contained in the 2026 World Energy Investment Report, released by the International Energy Agency on Tuesday. According to the report, total upstream oil and gas investment across Africa declined from $68bn in 2016 to $37bn in 2025, representing a drop of about 46 per cent over the nine-year period.
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