Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, speaking at the Nigeria International Energy Summit in Abuja.
Nigeria recorded a major investment milestone in its oil and gas sector in 2025, signing 28 new field development plans valued at $18.2 billion, with an estimated production capacity of 1.4 billion barrels of crude oil.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, announced the development in Abuja at the opening of the 9th Nigeria International Energy Summit 2026.
He said Nigeria emerged as Africa’s top destination for oil and gas investment, noting that four of the seven major Final Investment Decisions (FIDs) across the continent between 2024 and 2025 were secured in the country.
Lokpobiri attributed the surge in investment to policy reforms, regulatory clarity, and improved governance, stressing that Nigeria’s energy sector is regaining global investor confidence after years of stagnation.
According to him, the full implementation of the Petroleum Industry Act (PIA) created a stable fiscal framework, clearer licensing processes, and predictable contract terms.
He also highlighted the Upstream Petroleum Operations (Cost Efficiency Incentives) Order 2025, which provides tax credits and reduces operating costs for producers.
The minister said the government’s “Project One Million Barrels” initiative launched in October 2024 has already increased crude production to between 1.7 and 1.83 million barrels per day, marking about a 20% rise in output. Active oil rigs reportedly rose from 14 in 2023 to over 60.
READ ALSO
- Nigeria Signs 28 Oil Field Deals Worth $18.2bn— Lokpobiri
- Senate Sets March 17 for Passage of ₦58.47tn Budget
- FG Procures Boats to Boost Safety, Trade on Inland Waterways
Lokpobiri added that recent divestments by international oil companies transferred assets to Nigerian firms, contributing about 200,000 barrels per day to national production.
However, he acknowledged challenges in the oil service sector, especially in engineering and construction, citing policy misinterpretations that sidelined capable firms.
Meanwhile, the Independent Petroleum Producers Group (IPPG) called for reduced bureaucracy, streamlined industry fees, and improved access to long-term capital to sustain sector growth.
Stakeholders at the summit agreed that Nigeria’s oil and gas industry is on a strong recovery path, driven by reforms, local participation, and renewed investor confidence.
About the Author
