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…says Nigeria’s energy sector is now competitive, attractive
The Federal Government, through the Ministry of Petroleum Resources, has called on global investors to seize emerging opportunities in Nigeria’s oil sector, citing strong reforms, enhanced production capacity, and regional influence as key drivers of sectoral growth.
Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), made this call while delivering a 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 (UNGA) 2025 in New York.
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Lokpobiri, in a statement issued to journalists on Thursday, said that all inactive blocks during the period of no investments into Nigeria are in the basket now and up for grabs. He explained that there are new opportunities for new investors, both in the upstream sector and other sectors.
According to him, at the heart of Nigeria’s renewed energy agenda is a clear and deliberate policy direction: to open up the oil sector to deeper, smarter, and more strategic partnerships.
“Recall that for over ten years, before 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.
“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 said.
The Minister noted that, under the leadership of President Bola Ahmed Tinubu, Nigeria’s oil sector has witnessed significant progress over the past two years, including increased production output and a more attractive investment climate.
Lokpobiri attributed this transformation to the successful implementation of the Petroleum Industry Act (PIA), which he described as a robust, investor-friendly legal framework that is driving growth and restoring investor confidence.
“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.
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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.”
