UNGA 80: Nigeria Speaks On Oil Sector Reforms, Seeks Strategic Global Investors

Nigeria has opened antecedently inactive lipid blocks to investors and is actively seeking deeper and much strategical partnerships with planetary players to resume accumulation connected those assets.

The curate of authorities for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made this disclosure portion delivering a keynote code astatine the United States–Nigeria Council’s league connected lipid assemblage collaboration during the United Nations General Assembly (UNGA) 2025 successful New York.

Senator Lokpobiri recalled that for implicit 10 years anterior to the coming of President Bola Tinubu, Nigeria did not person immoderate caller concern successful the lipid sector.

However, helium said that the reforms carried retired successful the assemblage person created an ambiance that is globally competitory and attractive, adding, “We present person caller investments moving into billions of dollars.”

The curate said, “All inactive blocks during the play of nary investments are successful the handbasket present and up for grabs.”

He urged investors to enactment rapidly to instrumentality vantage of this uncommon opportunity.

Senator Lokpobiri further explained that the government’s renewed absorption has transformed the sector: “At the bosom of Nigeria’s renewed vigor docket is simply a wide and deliberate argumentation direction: to unfastened our lipid assemblage to deeper, smarter, and much strategical partnerships. The clip to put is not conscionable present — it is ripe.”

Highlighting Nigeria’s improved accumulation capacity, the Minister said, “Thanks to bold reforms and globally competitory fiscals, Nigeria has importantly ramped up accumulation and repositioned itself arsenic a dependable vigor hub crossed West Africa and the continent.”

He credited the Petroleum Industry Act (PIA) for the sector’s revival, calling it a “robust, investor-friendly ineligible framework” that has “restored capitalist confidence” and is “driving growth” successful the industry.

Regarding Nigeria’s vigor transition, Senator Lokpobiri assured that the state remains aligned with planetary sustainability efforts: “We are afloat aligned with the Paris Agreement, and stay committed to cleaner, much sustainable exploration. Our doors are open, our laws are clear, and our situation is conducive — present is the clip for U.S. and planetary investors to go portion of Nigeria’s vigor occurrence story.”

The Minister’s remarks reflected Nigeria’s ongoing efforts nether President Tinubu’s enactment to pull overseas concern and fortify its presumption arsenic a cardinal subordinate successful the planetary lipid market.