Friday, September 26, 2025 - The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, has disclosed that Nigeria went over a decade without attracting any new investments in the oil sector until the advent of President Bola Tinubu’s administration.
According to the minister, the stagnation crippled growth
and weakened confidence in the industry, but recent reforms are beginning to
restore investor interest.
The minister made this known in a statement signed by his
Special Adviser on Media and Communication, Nneamaka Okafor, on Thursday,
following his keynote address at the United States–Nigeria Council’s session on
oil sector collaboration, held on the sidelines of the ongoing United Nations
General Assembly in New York.
“At the heart of Nigeria’s renewed energy agenda is a clear
and deliberate policy direction: to open our oil sector to deeper, smarter, and
more strategic partnerships. The time to invest is not just now, it is ripe.
“Recall that for over ten years, prior to the coming of
President Bola Ahmed Tinubu, Nigeria did not have any new investment in the oil
sector, but with the reforms we have carried out, which have created an
atmosphere that is globally competitive and attractive, we now have new
investments running into billions of dollars”, the minister stated.
“All inactive blocks during the period of no investments are
in the basket now and up for grabs. We have a longstanding relationship with
the US and US companies; beyond these relationships, there are new
opportunities for new investors, both in the upstream sector and other
sectors.”
The minister noted that, under the leadership of Tinubu,
Nigeria’s oil sector has witnessed significant progress over the past two
years, including increased production output and a more attractive investment
climate.
He urged global investors to seize emerging opportunities in
Nigeria’s rapidly transforming oil industry, citing ongoing reforms, enhanced
production capacity, and the country’s growing regional influence as key
drivers of growth.
“Thanks to bold reforms and globally competitive fiscals,
Nigeria has significantly ramped up production and repositioned itself as a
dependable energy hub across West Africa and the continent,” he said.
]Lokpobiri attributed this transformation to the successful
implementation of the Petroleum Industry Act, which he described as a “robust,
investor-friendly legal framework” that is driving growth and restoring
investor confidence.
He also emphasised Nigeria’s commitment to energy transition
efforts, affirming that the country would continue to leverage its fossil fuel
reserves to finance its energy mix, while adhering to international climate
agreements.
“We are fully aligned with the Paris Agreement, and remain
committed to cleaner, more sustainable exploration,” he said.
“Our doors are open, our laws are clear, and our environment
is conducive; now is the time for U.S. and global investors to become part of
Nigeria’s energy success story.”
he current administration has repeatedly assured
international partners that Nigeria remains committed to energy transition
goals, but argues that oil and gas revenues will play a crucial role in
financing renewable energy expansion.
Recent policy shifts, such as the removal of fuel subsidies,
efforts to deregulate the downstream sector, and renewed emphasis on gas
monetisation, have also been positioned as signs of Nigeria’s seriousness in
reforming its energy industry.
These reforms are part of the government’s efforts to
attract $30bn in sectoral investments by 2027 and at least $60bn by 2030.
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