1 month ago
8
Nigeria has reiterated its committedness to creating a transparent, stable, and investor-friendly petroleum assemblage arsenic Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), delivered a keynote code connected behalf of President Bola Ahmed Tinubu astatine the Africa Energy Week successful Cape Town, South Africa.
The Minister declared that Nigeria is “open for business” and actively pursuing policies that prioritize investment, efficiency, and semipermanent maturation successful the lipid sector. “This gathering is much than a conference, it is simply a telephone to action,” helium said, stressing that Nigeria is acceptable not conscionable to enactment successful the planetary vigor market, but to pb betterment and maturation connected the African continent.
Senator Lokpobiri, successful a connection signed by Nneamaka Okafor Special Adviser connected Media and Communication, outlined the bold argumentation measures implemented nether President Tinubu’s administration, peculiarly the Petroleum Industry Act (PIA), which provides a wide and predictable fiscal and regulatory situation for investors. The PIA has laid the instauration for licensing transparency, big assemblage engagement, strengthened regulatory oversight, and a just contractual framework. “What makes Nigeria present antithetic is the legal, regulatory, financial, and structural translation we are delivering,” the Minister said.
Nigeria’s upstream assemblage is showing signs of beardown recovery. The “Project One Million Barrels” initiative, launched successful October 2024, has raised regular crude lipid accumulation to betwixt 1.7 and 1.83 cardinal barrels per day, with a notable summation of 300,000 barrels per time successful July 2025 alone. Additionally, the fig of progressive drilling rigs has grown from 31 successful January to 50 by July 2025, a wide awesome that reforms are unlocking worth crossed the sector.
Of peculiar enactment were the caller plus divestments by International Oil Companies (IOCs), which the Minister said person unlocked implicit $5.5 cardinal successful Final Investment Decisions (FIDs) wrong months. “These are not conscionable transfers of assets, they are transfers of confidence, capability, and ownership,” helium stated. The divestments person already added astir 200,000 barrels per time to nationalist production.
On the broader African context, Senator Lokpobiri urged the continent to clasp much worth from its hydrocarbon resources by focusing connected infrastructure, concern development, and localized worth chains. He noted that Africa spends implicit $120 cardinal annually connected hydrocarbons, mostly done imports, calling it a missed accidental for economical transformation.
He advocated for stronger intra-African collaboration and financing, emphasizing that Africa holds astir $4 trillion successful home capital, including pension and security funds. “The question is nary longer astir the availability of funds, but however we tin transmission them into productive investments connected our continent,” helium said.
Addressing the taxable of the planetary vigor conversation, the Minister called for equilibrium and equity. He insisted that the communicative indispensable displacement toward a divers vigor mix, not abandonment of immoderate resource. “The absorption should beryllium connected availability, accessibility, and affordability of each forms of energy,” helium stressed. He made it wide that Nigeria, similar different nations, volition proceed to utilize its lipid resources responsibly portion gathering a diversified and sustainable vigor base.
Senator Lokpobiri reaffirmed Nigeria’s relation arsenic a starring vigor subordinate successful Africa. “We are offering opportunities astatine scale, betterment with consistency, incentives with clarity, section information with respect, and a imaginativeness that modernizes with purpose,” helium declared.
To planetary investors, helium extended a nonstop invitation: “Come to Nigeria. Be portion of the vigor revolution.” With beardown reforms, ambitious targets, and an open-door policy, Nigeria is charting a bold way guardant successful Africa’s vigor future.
The station Nigeria reaffirms committedness to investor-friendly reforms astatine Africa Energy Week appeared archetypal connected Vanguard News.
English (US) ·