During Africa Energy Week in Cape Town, South Africa, Nigeria emphasized its commitment to developing an open, stable, and investor-friendly petroleum industry.
In his keynote speech, Senator Heineken Lokpobiri, Ph.D., Minister of State for Petroleum Resources (Oil), spoke on behalf of President Bola Ahmed Tinubu and emphasized Nigeria’s willingness to take the lead in energy reforms throughout Africa.
While stating that Nigeria is “open for business,” Senator Lokpobiri emphasized the strategic policies promoting investment, efficiency, and long-term growth in the oil sector, according to a statement from Nneamaka Okafor, Special Assistant, Media, and Communication to the Minister.
He called the gathering “more than a conference, it is a call to action,” indicating Nigeria’s desire to lead the continent’s reform and growth in addition to joining the global energy market.
The Petroleum Industry Act (PIA), which was passed during President Tinubu’s administration, is essential to Nigeria’s resurgent industry confidence.
According to the Minister, the PIA provides a transparent, predictable fiscal and regulatory framework that improves host community involvement, licensing openness, regulatory supervision, and equitable investor contracts.
“The legal, regulatory, financial, and structural transformation we are delivering is what makes Nigeria different now,” he stated.
The “Project One Million Barrels” plan, which was introduced in October 2024, is a major factor in the robust resurgence of the nation’s upstream oil industry.
Nigeria now produces between 1.7 and 1.83 million barrels of crude oil per day, with a significant increase of 300,000 barrels per day in July 2025.
A renewed exploration climate was also indicated by the fact that the number of active drilling rigs increased from 31 in January to 50 by July.
Senator Lokpobiri also emphasized the International Oil Companies’ (IOCs) recent asset sales, which have opened up more than $5.5 billion in Final Investment Decisions in a matter of months.
According to him, these deals constitute transfers of “confidence, capability, and ownership” and have increased Nigeria’s output by almost 200,000 barrels per day.
On a larger scale, the Minister underlined that Africa must invest in infrastructure, industrial development, and localized value chains in order to retain more value from its hydrocarbon resources.
He emphasized that Africa loses out on economic development by spending over $120 billion annually on hydrocarbon imports.
Calling for the efficient use of the continent’s almost $4 trillion in domestic capital, including insurance and pension funds, he promoted improved intra-African collaboration and mobilization of these resources.
Senator Lokpobiri urged a continuous focus on a varied energy mix that guarantees availability, accessibility, and affordability in the global energy discourse, calling for a fair and balanced approach.
He reiterated Nigeria’s resolve to develop a more diverse and sustainable energy future while using its oil resources responsibly.
In his closing remarks, Senator Lokpobiri positioned Nigeria as one of Africa’s major energy players by providing scalable opportunities, steady reforms, transparent incentives, local engagement that is respectful, and a vision to modernize the industry with a purpose.
“Come to Nigeria,” he said, directly inviting investors from all over the world. Take part in the revolution in energy.
As Nigeria forges ahead in Africa’s changing energy market, this address represents a turning point.
