More than 150 oil and gas projects across Africa have stalled as investment flows weaken, according to Adegbite Falade, chairman of the Independent Petroleum Producers Group (IPPG).
Falade made the disclosure during AOW:Energy 2026 in Accra, Ghana, which ran from 1 to 3 September 2026. His remarks were reported by Nigerian and African energy publications on 2 and 3 September. He said the projects had been affected by the retreat of international capital markets and development finance institutions from African oil and gas investment.
Falade warned that the funding gap could limit Africa’s ability to develop its hydrocarbon resources and turn them into production, jobs and government revenue.
For Nigeria, the warning is particularly relevant. The country has several major oil projects that have spent years facing investment, legal and regulatory challenges.
One example is Bonga South West/Aparo, Shell’s proposed deepwater development. On 23 January 2026, Reuters reported that President Bola Tinubu had approved targeted incentives linked to investment in the project as Nigeria sought to attract fresh capital and increase oil production. Tinubu said he expected Shell to reach a Final Investment Decision during his first term, while his special adviser on energy, Olu Verheijen, said Shell had informed the president of plans to invest an additional $20 billion.
On 24 August 2026, NNPC Ltd and the OML 118 contractors, including Shell, Esso and Agip, signed addenda to the Production Sharing Contract and Dispute Settlement Agreement. NNPC said the agreements would advance the Bonga South West/Aparo project towards Final Investment Decision. However, an FID has not yet been formally announced.
Another long-delayed asset is OPL 245. On 2 March 2026, Reuters reported that Nigeria had divided the controversial oil block into four new assets to be operated by Shell and Eni. The agreement was intended to clear the way for development of one of Nigeria’s major deepwater reserves after almost three decades of legal disputes.
These cases show that having oil and gas reserves is only the beginning. Turning those resources into production requires financing, regulatory certainty and projects progressing from agreements to Final Investment Decisions, construction and eventual production.
The economic effects of delays can also reach companies far beyond the major oil producers. In Uganda, Watchdog Uganda reported on 22 June 2026 that a multiyear payment dispute involving about $9.7 million had affected more than 60 domestic subcontractors connected to the Tilenga oil project. The report said the dispute had put businesses under financial pressure.
The case illustrates how delays and payment disputes around major energy projects can affect contractors and suppliers as well as oil companies. Businesses can lose revenue, workers can face uncertainty and communities can wait longer for the economic activity expected from major investments.
Falade’s warning, therefore, is about more than 150 projects remaining stalled. It is about capital that has not yet translated into production, employment and government revenue.
For Nigeria, the lesson is clear: investment announcements and government approvals are only part of the process. The country needs to move projects from commitments to Final Investment Decisions, construction and production.
Behind every stalled project is more than oil still underground. There are jobs not created, contracts not awarded and businesses that may never get the opportunity to grow.
