Renaissance Africa Energy Unveils Ambitious Plan With $15B Investment in Nigerian Oil & Gas
During the Nigeria Oil and Gas Opportunity Fair (NOGOF) in Yenagoa, Nigeria, the General Manager of Supply Chain of the Renaissance Africa Energy Company (RAEC), Greg Akhibi, who spoke on behalf of the Managing Director Tony Attah, announced his company’s ambitious plan to invest USD 15 billion in the oil and gas sector. Renaissance Africa Energy is a consortium of companies comprised of ND Western, Aradel Energy, First Exploration & Production.
The fund will go toward 32 oil and gas projects to ramp up output, expand domestic supply and boost exports. RAEC will acquire 112,000 square kilometers of #hydrocarbon fields in order to support the expansion plan.
“Our long-term strategy is to support Nigeria’s energy security while contributng to Africa’s broader energy needs. We are fully aligned with the Nigerian Content Development and Monitoring Board (NCDMB) and remain committed to partnerships that strengthen indigenous capacity.”
Renaissance Africa Energy GM Supply Chain Greg Akhibi
Currently, RAEC is producing 150 million cubic feet of natural gas per day and this investment will enable the firm to double its production capacity to 300 million cubic feet per day. The increased output is to satisfy the heightened demand from Ajaokuta-Kaduna-Kano gas pipeline which is a key infrastructure in the domestic distribution of natural gas.
In March 2025, RAEC completed the acquisition of Shell Petroleum Development Company (SPDCng) of Nigera. A new JV was set up where RAEC owns 30% share, and Nigerian National Petroleum Corporation (NNPC) is the controlling shareholder with 55%. Production Nigeria has a 10% stake, while Agip Energy and Natural Resources (Nigeria) Limited jointly hold 5%.
The #NOGOF2025 was organized by the Nigeria Content Development and Monitoring Board (NCDMB) whose mission is to promote ‘local content.’ RAEC bold expansion strategy is perceived as a strong commitment of Nigeria to domesticate its oil and gas industry, with a view to eventually control upstream, midstream, and downstream activities.