President tells global investors at NIES that policy reforms under the Petroleum Industry Act are restoring confidence and driving record oil and gas activity
Nigeria’s energy sector is showing strong signs of recovery, with the number of active oil rigs rising sharply from just eight in 2021 to 69 by late 2025, according to figures unveiled at the 9th Nigeria International Energy Summit (NIES) on Tuesday.
President Bola Ahmed Tinubu said the rebound reflects renewed investor confidence following what he described as the end of years of underinvestment in the sector. He revealed that about $8 billion in fresh investments has flowed into the industry, pointing to the impact of wide-ranging policy and regulatory reforms.
Speaking through Vice President Kashim Shettima, the president attributed the renewed momentum to transparency initiatives and fiscal incentives introduced under the Petroleum Industry Act (PIA), which he said have provided the regulatory certainty long demanded by international oil companies.
“We inherited a sector rich in potential but constrained by inefficiencies,” Tinubu said. “Through fully digital and competitive licensing rounds, we are unlocking opportunities and rebuilding trust with the global investment community.”
While crude oil continues to play a central role in Nigeria’s economy, the president said natural gas will drive the country’s long-term energy strategy. Average daily gas production has reached 7.6 billion standard cubic feet per day, with domestic gas supply exceeding 2 billion standard cubic feet per day for the first time, a development seen as critical for powering local industries and reducing energy costs.
The federal government’s Project One Million initiative targets crude oil production of 2.5 million barrels per day by 2027, while gas output is expected to rise to 10 billion standard cubic feet per day by 2030. Tinubu described gas as the backbone of Nigeria’s energy transition, noting its role in job creation, industrial growth, and emissions reduction.
Also speaking at the summit, Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, expanded the conversation to Africa’s broader energy challenges, describing the gathering as a call to action to end energy poverty across the continent.
Lokpobiri cited major investment commitments such as Shell’s $5 billion Bonga North project and TotalEnergies’ $550 million Ubeta gas development as evidence that Nigeria is once again attractive to global investors.
He further highlighted the establishment of the African Energy Bank, headquartered in Nigeria, as a strategic step toward enabling African countries to retain greater value from their hydrocarbon resources.
The summit, themed Energy for Peace and Prosperity: Securing Our Shared Future, attracted high-level participation, including the presidents of Gambia and Equatorial Guinea, as well as senior industry stakeholders such as the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari.
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