Mkpoikana Udoma
Port Harcourt — Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has assured global investors, particularly from the United States, that the country’s oil sector is now more open, competitive, and investment-friendly than ever, following sweeping reforms under President Bola Ahmed Tinubu’s administration.
Speaking on the sidelines of the United Nations General Assembly, UNGA 2025, at a forum organised by the United States Nigerian Council, Lokpobiri declared that Nigeria had repositioned itself as a dependable energy hub in Africa, with policies designed to attract deeper and smarter partnerships.
“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 stated.
He stressed that bold reforms and globally competitive fiscal terms now underpin the country’s petroleum industry, signaling strong readiness to host international capital and expertise.
“With bold reforms and globally competitive fiscals in place, we are sending a strong signal to global investors: Nigeria is open for business, and ready to power not just itself, but the entire West African subregion and the continent at large,” he said.
The Minister highlighted the transformation of the sector over the past two years, attributing the gains to “policy clarity, operational reforms, and increased investor confidence,” all anchored on the Petroleum Industry Act, PIA.
“Thanks to these reforms, Nigeria has significantly ramped up production and repositioned itself as a dependable energy hub in Africa. Backed by the Petroleum Industry Act, our sector now operates within a robust, investor-friendly legal framework,” Lokpobiri said.
He further noted that Nigeria is committed to leveraging its fossil fuel reserves to finance its transition to a more sustainable energy mix, while aligning with global climate commitments.
“We are committed to leveraging our fossil fuel reserves to finance our energy mix, while fully aligning with the Paris Agreement on cleaner, more sustainable exploration. I therefore called on investors from the U.S. and beyond to take advantage of this enabling environment and become part of Nigeria’s energy success story,” he added.
The forum drew key US and Nigerian stakeholders exploring new opportunities for collaboration in energy, with discussions centering on how to strengthen commercial ties and accelerate investment flow into Nigeria’s upstream and midstream oil and gas sectors.
