From Kenechukwu Obiajuru, Yenagoa
The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, Ph.D., has reiterated that Nigeria has become a destination of choice for energy investments.
Addressing industry leaders, financiers, and institutional investors at the African Energy Week (AEW) Invest in Nigeria Roundtable, the Minister emphasized that the enabling environment now exists to secure and scale profitable investments across the energy value chain. “With the Petroleum Industry Act (PIA), Nigeria now provides a legal and regulatory framework aligned with global best practices. Investors can bring in capital and repatriate same without bottlenecks,” he said.
This stability has catalyzed major divestment transactions by International Oil Companies (IOCs), resulting in indigenous acquisition of onshore assets from Shell, ExxonMobil, TotalEnergies, and Eni. “These deals demonstrate confidence in Nigeria’s legal framework, and the return on investment has been clear and compelling,” Lokpobiri added.
He made clear that Nigeria’s energy market is not limited by its borders. “Nigeria is not just servicing its domestic market; we are the heartbeat of the West African energy economy,” he stated. With the launch of the West African Reference Market by NMDPRA and S&P Global, Nigeria is now positioned as the anchor hub for refined products across the region.
“Our ambition doesn’t stop at West Africa. With the right investments, Nigeria’s reach will expand across the continent,” he noted. In 2024 alone, Africa imported over $120 billion worth of hydrocarbons and refined products. “If Nigeria captures even 20% of that, the returns will be immense, not just for us, but for every investor who partners with us.”
Sen. Lokpobiri highlighted ongoing reforms driven by President Bola Ahmed Tinubu, including executive orders streamlining fiscal regimes, incentivizing energy development, and simplifying licensing procedures.
“Since Mr. President assumed office, we have implemented key reforms to create unmatched opportunities for serious investors. The results are clear, rising production output, new FIDs from IOCs, and re-entry of companies that had previously exited the market.”
With a firm call to action, the Minister stated: “We have the reserves, we have the incentives – attractive and investor-driven – and we have the market. If you’re not investing in Nigeria, then you’re not investing in Africa.”
