Nigeria’s oil sector is witnessing a long-awaited revival, with fresh investments flowing in for the first time in over a decade, according to the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.
The minister made the announcement in a statement released Thursday by his media aide, Nneamaka Okafor, following his keynote address at the U.S.–Nigeria Council’s session on oil sector collaboration in New York. The event took place on the sidelines of the ongoing United Nations General Assembly (UNGA).
“We have broken a 10-year jinx,” Lokpobiri declared, pointing to new policy reforms under President Bola Ahmed Tinubu as the catalyst for renewed investor confidence.
Before the Tinubu administration took office, Nigeria’s oil industry suffered a prolonged period of inactivity in terms of fresh capital inflow. Lokpobiri explained that this stagnation crippled production, left multiple oil blocks dormant, and drove investors away from the sector.
However, he said this narrative is now changing, with billions of dollars in new investments already committed.
“All previously inactive oil blocks are now open for investment. The environment is clear, and the opportunities are significant,” he added.
The minister credited Nigeria’s turnaround to a series of reforms and legislative overhauls chief among them, the Petroleum Industry Act (PIA). Enacted in 2021, the PIA introduced globally competitive fiscal terms and streamlined regulatory processes for upstream, midstream, and downstream operators.
“The PIA has created the clarity, confidence, and legal security that global investors demand,” Lokpobiri noted. “It’s a framework designed to drive long-term partnerships and sustainable growth.”
Also contributing to this new wave of interest are recent policy decisions such as the removal of fuel subsidies, the deregulation of the downstream sector, and a renewed focus on gas monetisation.
In his address to U.S. stakeholders, Lokpobiri emphasized Nigeria’s “long-standing relationship” with American energy companies, while also highlighting new opportunities in upstream and other strategic oil segments.
“We’re inviting global partners especially from the United States to join us. Our laws are clear, our doors are open, and the time to invest is now,” he said.
Addressing concerns about climate goals, Lokpobiri reassured the international community that Nigeria remains committed to a balanced energy transition. While oil revenues remain essential to national development, the country also aligns with the Paris Agreement and is actively pursuing cleaner, more sustainable energy practices.
“Fossil fuels will continue to play a key role in financing our energy transition, but we are committed to responsible and cleaner exploration,” he added.
Looking Ahead: $60 Billion Investment Target by 2030
The federal government aims to attract $30 billion in oil and gas investments by 2027, with projections rising to $60 billion by 2030.
Lokpobiri stressed that Nigeria’s reforms are not only improving domestic output but are also positioning the country as a regional energy hub for West Africa and the broader continent.
“Thanks to bold reforms and competitive fiscal terms, Nigeria is back on the map as a dependable energy supplier,” he said. “Our industry’s growth will contribute to regional stability and global energy security.”
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