At the Africa Energy Week conference in Cape Town, South Africa, Nigeria reaffirmed its commitment to creating a transparent, stable, and investor-friendly petroleum sector, as Minister of State for Petroleum Resources, Heineken Lokpobiri, delivered a keynote address on behalf of President Bola Ahmed Tinubu.
Declaring that Nigeria is “open for business,” Senator Lokpobiri emphasized the country’s bold reforms, led by the Petroleum Industry Act (PIA), which has established a clear and predictable regulatory framework fostering investment, transparency, and host community engagement.
“What makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering,” the Minister stated.
Highlighting the success of the Project One Million Barrels, launched in October 2024, he reported an increase in daily crude production to between 1.7 and 1.83 million barrels per day, with 300,000 barrels per day added in July 2025 alone. The number of active drilling rigs also surged from 31 in January to 50 by July 2025, signaling growing sector confidence.
Senator Lokpobiri noted that recent asset divestments by International Oil Companies (IOCs) have unlocked over $5.5 billion in Final Investment Decisions (FIDs), boosting production by approximately 200,000 barrels per day.
Speaking on Africa’s broader energy potential, he urged the continent to maximize value by developing infrastructure, industry, and localized hydrocarbon value chains. Citing Africa’s $120 billion annual spending on hydrocarbon imports, he called for increased intra-African financing, pointing out the continent’s nearly $4 trillion in domestic capital.
On the global energy transition, the Minister advocated for a balanced and equitable approach that supports a diverse energy mix ensuring availability, accessibility, and affordability.
“Nigeria will continue to utilize its oil resources responsibly while building a diversified and sustainable energy base,” he affirmed.
Concluding his address, Lokpobiri extended a warm invitation to international investors:
“Come to Nigeria. Be part of the energy revolution.”
With consistent reforms, ambitious production targets, and an open-door policy, Nigeria is positioning itself as a leading energy player driving Africa’s sustainable growth.
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