Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, says that Nigeria achieved a major investment breakthrough in 2025 with the signing of 28 new field development plans, valued at $18.2bn, which carry an estimated production potential of 1.4 billion barrels of oil.
Delivering his ministerial address at the opening ceremony of the 9th Nigeria International Energy Summit 2026 on Tuesday in Abuja, Lokpobiri said that Nigeria had emerged as Africa’s leading destination for oil and gas investments, with four of the seven major Final Investment Decisions announced across the continent between 2024 and 2025 taken in Nigeria.
According to the minister, the development is not accidental, but the outcome of deliberate reforms, improved policy clarity, and stronger governance, which have helped to restore investor confidence in Nigeria’s oil and gas sector.
He added that the renewed inflow of capital signalled Nigeria’s return to the global energy investment map after years of stalled projects and declining output, stressing that recent fiscal, regulatory and operational reforms were beginning to yield measurable results.
“I want to talk first about Nigeria; our successes, our renewed readiness, the reforms we have implemented, and then put that in the context of Africa, because our fortunes are tied together.
“In 2025 alone, 28 new field development plans worth $18.2bn were signed, with the potential of 1.4 billion barrels of oil. Between 2024 and 2025, of the seven major FIDs announced across Africa, four were in Nigeria. This did not happen by accident; it is the result of steady work, policy clarity, and better governance. These are facts, not rhetoric, showing that Nigeria is once again a magnet for serious business. Our investment climate in Nigeria allows for free movement of capital,” Lokpobiri said.
Lokpobiri recalled that when the current administration took office, Nigeria’s upstream sector was in distress, with declining production, investor apathy, and an absence of major new projects.
“That Nigeria possesses an enormous hydrocarbon endowment, and a geography that combines deepwater, shallow, and onshore acreages, is a fact. But resource richness alone is not enough. What makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering. Because ‘investment-ready’ means more than just having reserves; it means having clarity, predictability, efficiency, incentives, and alignment.
“When this government started, this sector was struggling, production and capital flight, and investment had stalled. For more than a decade, there were no major final investment decisions on new projects. Investors were cautious, and confidence was lacking. That was our reality,” he narrated before a distinguished audience, including Gambia’s President, Adama Barrow.
He attributed the reversal of this trend to the full implementation of the Petroleum Industry Act, which he said provided a stable fiscal framework, clearer licensing processes, stronger regulation, and predictable contract terms.
The minister added that cost pressures in the upstream sector were also addressed through the Upstream Petroleum Operations (Cost Efficiency Incentives) Order 2025, which grants tax credits and lowers unit operating costs for producers.
Lokpobiri said the launch of Project One Million Barrels in October 2024 had delivered tangible results within a year, lifting crude oil production to between 1.7 million and 1.83 million barrels per day, representing an increase of about 20 per cent over previous output levels.
“We launched ‘Project One Million Barrels’ in October 2024. In less than a year, production rose to between 1.7 and 1.83 million barrels per day, up by roughly 300,000 barrels in July 2025 alone. The number of active rigs jumped from a paltry 14 in 2023 to over 60 as of today. These are signs that the reforms are working, that idle assets are being activated and existing assets are being optimised,” he said.
Lokpobiri also highlighted the successful completion of long-delayed asset divestments by International Oil Companies, which transferred onshore and shallow-water assets to Nigerian firms.
He noted that the divestments had added about 200,000 barrels per day to national output and were concluded in record time under President Bola Tinubu’s leadership.
GIK/APA