Nigeria has opened beforehand inactive oil blocks to buyers and is actively in search of deeper and extra strategic partnerships with world gamers to renew manufacturing on these belongings.
The minister of state for Petroleum Assets (Oil), Senator Heineken Lokpobiri, made this disclosure whereas delivering a keynote deal with at america–Nigeria Council’s session on oil sector collaboration throughout the United Nations Common Meeting (UNGA) 2025 in New York.
Senator Lokpobiri recalled that for over 10 years previous to the approaching of President Bola Tinubu, Nigeria didn’t have any new funding within the oil sector.
Nonetheless, he stated that the reforms carried out within the sector have created an environment that’s globally aggressive and enticing, including, “We now have new investments working into billions of {dollars}.”
The minister stated, “All inactive blocks throughout the interval of no investments are within the basket now and up for grabs.”
He urged buyers to behave rapidly to reap the benefits of this uncommon alternative.
Senator Lokpobiri additional defined that the federal government’s renewed focus has remodeled the sector: “On the coronary heart of Nigeria’s renewed power agenda is a transparent and deliberate coverage path: to open our oil sector to deeper, smarter, and extra strategic partnerships. The time to take a position isn’t just now — it’s ripe.”
Highlighting Nigeria’s improved manufacturing capability, the Minister stated, “Due to daring reforms and globally aggressive fiscals, Nigeria has considerably ramped up manufacturing and repositioned itself as a reliable power hub throughout West Africa and the continent.”
He credited the Petroleum Business Act (PIA) for the sector’s revival, calling it a “strong, investor-friendly authorized framework” that has “restored investor confidence” and is “driving progress” within the business.
Concerning Nigeria’s power transition, Senator Lokpobiri assured that the nation stays aligned with world sustainability efforts: “We’re totally aligned with the Paris Settlement, and stay dedicated to cleaner, extra sustainable exploration. Our doorways are open, our legal guidelines are clear, and our surroundings is conducive — now could be the time for U.S. and world buyers to grow to be a part of Nigeria’s power success story.”
The Minister’s remarks mirrored Nigeria’s ongoing efforts beneath President Tinubu’s management to draw international funding and strengthen its place as a key participant within the world oil market.
