Nigeria Ready for Global Energy Race as Oil Reforms Boost Production, Investment – FG

The Federal Government says ongoing reforms in Nigeria’s petroleum sector are beginning to deliver measurable gains, with increased oil production, rising investor confidence and renewed interest from global energy players positioning the country for a stronger role in the international energy market.

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, stated this during the Ministerial Panel Briefing at the ongoing NOG Energy Week, where he outlined government’s efforts to leverage changing global energy dynamics to attract sustainable investment into the sector.

Lokpobiri said recent geopolitical developments have reinforced the importance of energy security globally, creating opportunities for countries with the capacity and policies required to meet increasing energy demand.

According to him, the reforms introduced under President Bola Ahmed Tinubu’s Renewed Hope administration have been deliberately designed to create a more attractive investment environment and restore confidence in Nigeria’s petroleum industry.

He said the country’s oil sector has recorded significant improvements, including increased drilling activities and higher production levels.

“We have spent the last three years making sure that when the world comes looking, we are ready. Our rig count has grown from about 14 to almost 60, while production has increased from roughly one million barrels per day to about 1.8 million barrels per day, including condensates.

“Projects that had been stalled are moving again, new investments are coming in, and investor confidence is steadily returning,” Lokpobiri said.

The minister explained that beyond increasing production figures, the Federal Government’s priority is to build a sector where investors can operate with greater certainty and efficiency.

He said government’s responsibility is to remove bottlenecks, improve regulatory processes and create the conditions required for businesses to invest and expand.

“What excites me most is creating an environment where investors can move quickly from acquiring an asset to producing from that asset. Government should never become the bottleneck; our responsibility is to facilitate investment while upholding the highest standards,” he added.

Lokpobiri maintained that Nigeria remains committed to policies that promote regulatory stability, responsible resource development and increased economic value from its petroleum resources.

He said sustained reforms, improved infrastructure and stronger investor confidence would continue to support higher production, job creation and long-term economic growth.

The minister expressed optimism that the renewed momentum in the sector would further strengthen Nigeria’s position as Africa’s leading petroleum producer and a major destination for global energy investment.