THE Federal Government has called on global investors to embrace emerging opportunities in Nigeria’s oil sector, citing strong reforms, enhanced production capacity, and regional influence as key drivers of growth in the sector.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, 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.
Lokpobiri, in a statement issued late Thursday, September 25, said that all inactive blocks during the period of no investments into Nigeria were up for grabs. He explained that there were new opportunities for new investors, both in the upstream 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.
He noted that under Tinubu’s leadership, Nigeria’s oil sector 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 driving growth and restoring investors’ 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.
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, adding that “Our doors are open, our laws are clear, and our environment is conducive — now is the time for US and global investors to become part of Nigeria’s energy success story.”
Earlier in the month, the Federal Government renewed its call on major engineering, procurement, and construction (EPC) companies to return to Nigeria, assuring them that previous concerns in the sector had been addressed through bold reforms and investor-focused incentives.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.