80th UNGA: FG urges investors to take advantage of reformed oil sector

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has called on global investors to seize emerging opportunities in Nigeria’s rapidly transforming oil sector citing strong reforms, enhanced production capacity and regional influence as key drivers of growth.

A statement signed by the SA Media and Communication to the Minister, Nneamaka Okafor and made available to Tribune Online said Lokpobiri made the remarks while delivering a keynote remark at the United States-Nigeria Council’s session on oil sector collaboration, held on the sidelines of the ongoing United Nations General Assembly (UNGA) 2025 in New York, highlighting the country’s renewed policy focus and expanding market potential.

Lokpobiri said, “At the heart of Nigeria’s renewed energy agenda is a clear and deliberate policy direction: to open our oil sector to deeper, smarter, and more strategic partnerships,” the Minister stated. “The time to invest is not just now, it is ripe.

“Recall that for over ten years, prior to the coming of President Bola Ahmed Tinubu, Nigeria did not have any new investment in the oil sector but with the reforms we have carried out, which have created an atmosphere that is globally competitive and attractive, we now have new investments running into billions of dollar.”

“All inactive blocks during the period of no investments, are in the basket now and up for grabs. We have longstanding relationship with US and US companies, beyond these relationships, there are new opportunities for new investors, both in the upstream sector and other sectors.”

The minister added that under the leadership of President Bola Ahmed Tinubu, Nigeria’s oil sector has witnessed significant progress over the past two years including increased production output and a more attractive investment climate.

“Thanks to bold reforms and globally competitive fiscals, Nigeria has significantly ramped up production and repositioned itself as a dependable energy hub across West Africa and the continent,” he stated.

Lokpobiri attributed the transformation to the successful implementation of the Petroleum Industry Act (PIA), which he described as a “robust, investor-friendly legal framework” that is driving growth and restoring investor confidence.

He also emphasised Nigeria’s commitment to energy transition efforts affirming that the country would continue to leverage its fossil fuel reserves to finance its energy mix while adhering to international climate agreements.

“We are fully aligned with the Paris Agreement and remain committed to cleaner, more sustainable exploration. Our doors are open, our laws are clear, and our environment is conducive. Now is the time for US and global investors to become part of Nigeria’s energy success story,” Lokpobiri concluded.

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