For over ten years, prior to the coming of President Bola Ahmed Tinubu, Nigeria did not have any new investment in the oil sector, Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil),has said.
He spoke 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.
He said the current administration has carried out reforms, which have attracted billions of dollars investments and created a globally competitive atmosphere for the country.
“All inactive blocks during the period of no investments, are in the basket now and up for grabs. We have longstanding relationship with US and US companies, beyond these relationships, there are new opportunities for new investors, both in the upstream sector and other sectors,’ Nneamaka Okafor, Special Assistant, Media and Communication to the Minister, quoted Senator Lokpobiri, to have 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.
“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 attributed this transformation to the successful implementation of the Petroleum Industry Act (PIA).
He also emphasized Nigeria’s commitment to energy transition efforts, adding that the country would continue to leverage its fossil fuel reserves to finance its energy mix, while adhering to international climate agreements.
He added:“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.”