New York, United States – The Federal Government has called on global investors to take advantage of reforms transforming the Nigeria oil sector, positioning the country as a competitive destination for energy investment.
Speaking at the United States–Nigeria Council’s oil sector session on the sidelines of the UN General Assembly, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said Nigeria is witnessing renewed momentum after years of stagnation.
“At the heart of Nigeria’s renewed energy agenda is a clear and deliberate policy direction: to open our oil sector to deeper, smarter, and more strategic partnerships. The time to invest is not just now, it is ripe,” Lokpobiri said.
He noted that for over a decade prior to President Bola Ahmed Tinubu’s administration, Nigeria failed to attract significant new oil investments. However, he emphasized that recent reforms have unlocked billions of dollars in commitments, with dormant blocks now back on the market.
Lokpobiri credited the Petroleum Industry Act (PIA) as a robust, investor-friendly framework that has restored confidence and created a globally competitive environment. “Thanks to bold reforms and fiscals, Nigeria has significantly ramped up production and repositioned itself as a dependable energy hub across West Africa and the continent,” he said.
Beyond upstream opportunities, the minister highlighted openings across midstream and downstream operations, stressing the country’s strategic regional influence and market size. He assured investors that Nigeria remains committed to the global energy transition while leveraging oil revenues to finance a diversified energy mix.
“We are fully aligned with the Paris Agreement and remain committed to cleaner, more sustainable exploration. 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,” Lokpobiri concluded.
Industry analysts view the renewed focus on reforms and climate-aligned policies as critical in balancing Nigeria’s dependence on fossil fuels with its long-term transition objectives. The government hopes the new environment will accelerate growth and cement Nigeria’s leadership in Africa’s energy landscape.
