Nigeria, France target increased investment in energy sector

Nigeria and France are strengthening cooperation in the oil and gas sector, with industry stakeholders calling for increased investment, technology transfer, local content development and improved infrastructure to unlock Nigeria’s energy potential.

The call was made during an energy roundtable organised as part of the 2026 French Week by the Franco-Nigerian Chamber of Commerce and Industry, a statement issued on Tuesday stated.

Participants from the energy industry, government and diplomatic community identified gas development, energy transition, decarbonisation and regulatory stability as key areas for expanding economic cooperation between both countries.

The Managing Director and Chief Executive Officer of TotalEnergies Nigeria, Matthieu Bouyer, said the energy sector offered significant opportunities to deepen the longstanding relationship between Nigeria and France.

Bouyer noted that TotalEnergies, which has operated in Nigeria for 70 years, remained committed to developing local capacity, supporting Nigerian contractors and building long-term partnerships.

He said, “We see Nigeria not just as a market, but as a long-term investment destination where we continue to develop people, work with local contractors and build partnerships.”

According to him, more than 100 French companies operate in Nigeria across sectors including energy, infrastructure, logistics, technology, agriculture and consumer goods, providing thousands of jobs.

He added that bilateral trade between Nigeria and France reached approximately $4.7bn in 2025, creating opportunities for stronger commercial engagement.

Bouyer identified energy transition and decarbonisation, gas infrastructure and domestic utilisation, as well as technology transfer and local content development as three major areas requiring increased collaboration.

He stressed that Nigeria’s energy transition must reflect the country’s development needs, particularly the need to expand energy supply while gradually reducing carbon emissions.

He said improved gas recovery, methane reduction and energy efficiency could deliver both environmental and economic benefits.

On gas development, Bouyer described Nigeria’s natural gas resources as a major opportunity for electricity generation, manufacturing, exports and industrial growth.

He, however, emphasised that adequate infrastructure and a stable investment environment would be necessary to attract the capital required to develop the sector.

He also called for partnerships that would enable Nigerian companies to acquire technical expertise and compete in more complex energy projects.

The Managing Director of Nigeria LNG Limited, Adeleye Falade, also emphasised the importance of gas in Nigeria’s industrialisation and economic diversification.

Related News

• Deep sea port, OgunLNG trigger fresh investor rush – Abiodun
• CIO Championship lures African stars with N100m purse
• Oil reforms lift oil output by 600,000bpd – NNPC

Falade disclosed that Nigeria had approximately 215 trillion cubic feet of proven gas reserves, with estimates of its wider gas resources reaching about 600 trillion cubic feet.

He argued that gas should be regarded not merely as a transitional fuel but as a foundation for industrial development, clean cooking, export earnings and economic growth.

“Nigeria’s energy transition must be just, realistic and investable,” he said, noting that Africa’s energy development challenges differed from those of Europe, particularly in terms of access to reliable electricity.

Falade cited NLNG’s Train 7 expansion project as an example of how international partnerships could support domestic industrial development and increase Nigeria’s gas production capacity.

He disclosed that engineering work on the project was 99.5 per cent complete, procurement was 99.8 per cent complete, while construction had reached approximately 94 per cent.

The project, expected to commence operations towards the end of 2027, will increase NLNG’s production capacity from 22 million tonnes per annum to approximately 30 million tonnes per annum.

According to him, the expansion has also created opportunities for Nigerian contractors and manufacturers, with about 95 per cent local content recorded on the project.

He said approximately 16,000 people, largely young Nigerians, were engaged during construction, while the wider project activities supported an estimated 40,000 jobs.

Falade noted that Nigerian companies had manufactured several components, including pressure vessels, cables and valves, demonstrating the growing capacity of local manufacturers to participate in major energy projects.

He added that the skills and facilities developed through Train 7 would support future industrial projects and improve the competitiveness of Nigerian engineering companies.

On the company’s economic contribution, Falade disclosed that NLNG had generated approximately $149.6bn in revenue since commencing operations, paid $47.9bn in dividends and remitted about $10.5bn in taxes.

He said further expansion of production would increase government earnings through taxes, dividends and other payments.