ABUJA, Nigeria – In a major announcement that signals a turnaround for the nation’s economy, the Federal Government has declared that Nigeria is once again attracting massive investments into its oil sector, breaking a painful 10-year drought.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made the revelation in New York, USA, on the sidelines of the United Nations General Assembly. He credited the bold reforms of President Bola Tinubu’s administration for restoring global confidence in Nigeria’s energy industry.
According to the Minister, for an entire decade before now, international investors had turned their backs on Nigeria’s oil sector, leading to stagnant growth and leaving many oil blocks inactive. “The period of stagnation crippled growth and eroded investor confidence,” Lokpobiri stated.
But that era, he declared, is over. “The time to invest is not just now, it is ripe,” the Minister boldly told international investors. He revealed that fresh financial commitments running into billions of dollars are now flowing in, thanks to policy changes that have repositioned Nigeria as an attractive destination for global energy money.
Lokpobiri pointed to the successful implementation of the Petroleum Industry Act (PIA) as the game-changer. He described the PIA as a robust and investor-friendly law that provides clarity and security for companies wanting to do business in Nigeria. “All inactive blocks during the period of no investments are now in the basket and up for grabs,” he announced, highlighting opportunities in both upstream and other segments of the oil industry.
The government’s ambitious targets were also laid bare. Nigeria aims to attract a whopping $30 billion in investments by 2027 and at least $60 billion by 2030. These reforms, including the removal of fuel subsidies, are already showing results, with the country significantly ramping up its oil production in the last two years.
While celebrating the return of fossil fuel investments, the Minister also reassured the world of Nigeria’s commitment to climate goals. “We are fully aligned with the Paris Agreement and remain committed to cleaner, more sustainable exploration,” he said, promising a balanced energy transition.
This news will come as a relief to many Nigerians, as a thriving oil sector is expected to boost foreign exchange earnings, create jobs, and strengthen the national economy. The government’s message to the world is clear: Nigeria’s oil industry is back open for business, and the doors are wide open for investors to become part of a new energy success story.
