At Africa Energy Week, Nigeria reiterates the commitment to reforms suitable for investors

The Senator of the Minister of Petrolled Resource (oil) Heineken Lokpobiri, reiterated Nigeria’s commitment in the creation of a transparent, stable and investor oil sector.

Lokpobiri, who declared him in a main speech to the Africa Energy Week in Cape Cape, in South Africa, added that the country is “open to businesses” and actively pursuing policies that give priority to investments, efficiency and long -term growth in the oil sector.

“This meeting is more than one conference; it is an invitation to action. Come to Nigeria. You are part of the energy revolution,” he said, underlining that Nigeria is ready not only to participate in the global energy market, but to guide the reform and growth in the African continent.

The minister outlined the bold political measures implemented under the administration of President Tinubu, in particular the Petroleum Industry Act (Pia), which provides a clear and predictable tax and regulatory environment for investors.

The Pia laid the foundations for the transparency of licenses, the commitment of the host community, the strengthening of regulatory supervision and a fair contractual framework.

“What makes Nigeria now different is the legal, regulatory, financial and structural transformation that we are offering,” he said.

The sector upstream of Nigeria is showing signs of strong recovery. The “Project One Million Barrels” initiative, launched in October 2024, increased the daily production of crude oil between 1.7 and 1.83 million barrels per day, with a significant increase of 300,000 barrels per day only in July 2025 only. In addition, the number of active perforation platforms has gone from 31 to January to July 2025, a clear signal that the reforms are unbelieving the reforms. value throughout the sector.

The recent patrimonial sales by the international oil companies (CIOs), which the minister said he unlocked over $ 5.5 billion in the final investment decisions (Fids) were of particular note. The transfers have already added about 200,000 barrels per day to national production.

“These are not only transfers of activities, but they are transfers of trust, skills and properties,” he said.

In the broader African context, Senator Lokpobiri urged the continent to preserve more value from his hydrocarbons resources concentrating on infrastructure, industrial development and localized value chains. He observed that Africa spends over $ 120 billion a year in hydrocarbons, largely through imports, calling it a lost opportunity for economic transformation.

He has supported a strongest intra-he African financing and financing, underlining that Africa holds almost $ 4 trillions of domestic capital, including pension and insurance funds. “The question no longer concerns the availability of funds, but as we can channe them in productive investments in our continent,” he said.

While asking for balance and equity in the global energy conversation, Lokpobiri asked for balance and equity. He insisted that the narrative must move towards a diversified energy mix, not the abandonment of any resource.

“He clarified that Nigeria, like other nations, will continue to use its oil resources responsibly to the construction of a diversified and sustainable energy base. Attention should be on the availability, accessibility and convenience of all forms of energy,” he underlined.

He reaffirmed the role of Nigeria as the main energy player in Africa. “We are offering vast scale opportunities, coherence reforms, clarity incentives, local participation with respect and a vision that modernizes with a purpose,” he said.