…$20 billion Investment Underway – Lokpobiri
By Chidi Ugwu
President Ahmed Bola Tinubu on Tuesday declared that the reforms in the energy sector is paying off with operationalization of local refining, landmark projects like the Dangote Refinery, and the sale of crude oil in Naira to enhance local refineries’ competitiveness.
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President Tinubu, who spoke during the opening ceremony of Nigerian International Energy Summit (NIES) 2025) declared that Nigeria is positioned as a global energy powerhouse with opportunities in oil and gas exploration, renewable energy, and domestic refining.
The summit, themed “Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential,” aims to attract global investments and strategic partnerships to unlock Africa’s vast energy resources.
Represented by the Minister of State, Finance, Dr. Doris Uzoka-Anite, the President noted that the removal of PMS subsidies and FX revitalization have liberalized the economy, making it an attractive investment destination, adding that going forward the Federal Government would focus on sustainable development, energy security, and industrialization to create jobs and prosperity for Nigerians.
He said that Nigeria is developing a hydrogen policy to integrate both blue and green hydrogen into the energy mix, leveraging natural resources and strategic geography.
“Here in Nigeria, we are actively developing a hydrogen policy to attract investors and integrate hydrogen in our energy mix. We have unveiled the hydrogen development agenda, committed to creating a unified national hydrogen policy.
“This policy aims to harness the potential of both blue and green hydrogen, leveraging our abundant natural resources and strategic geographic position. I therefore encourage you to be a part of our hydrogen journey. Critical energy minerals.
“Finally, this is a key sector to the economic growth of our nation and we are committed to its rapid development. Our large deposits of copper, lithium, nickel, cobalt and rare earth minerals, which are all very critical for clean energy technologies, present investors with significant investment opportunities. We will also build local refining capacities for these resources to ensure more value addition and more revenue to the country” he said.
Also speaking during the event, Heineken Lokpobiri, the Minister of State Petroleum Resources (Oil), declared that Nigeria is on the verge of a massive investment boost, with talks underway for a whopping $20 billion injection into the oil and gas sector.
Lokpobiri said the development is a significant turnaround for Nigeria, which had previously struggled to attract investments due to pending divestments and restrictive policies.
“And let me use the opportunity to also say that, a lot more groundbreaking announcements are coming in the next few months. We are talking with company that will announce investment of $20 billion. So for me, the government has changed the entire narrative
“However, with the current administration’s business-friendly approach, the narrative is changing.
“Nigeria is now open for business, with a willingness to allow investors to come and go as they please. This shift in policy is expected to create a more favorable investment climate, attracting more foreign investors to the country” he said.
In his remarks, Minister of State, Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized Nigeria’s commitment to leveraging natural gas for economic growth and energy transition.
The minister highlighted significant advancements in infrastructure, policy reforms, and gas utilization initiatives.
According to him, key projects include the AKK gas pipeline, expected to enhance industrialization and job creation, and investments in LNG, CNG, and gas-to-chemicals.
The government aims to position Nigeria as a leading gas-powered economy by 2030, fostering a business-friendly environment for sustainable energy solutions.
Also, Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, said that the world recognizes Africa as the next destination of providing greater support to the global energy market, recognizing Nigeria’s position as the largest producer of oil and gas in the continent.
The GCEO, who noted that Nigeria stands as Africa’s largest producer of oil and gas, playing a pivotal role in the global energy market, affirmed that oil will remain a critical component of the global energy mix well into 2025, contributing over 39 percent of global oil demand as the world will require more than 100 million barrels of oil daily.
“At NNPC Ltd., we view gas not merely as a transitional fuel, but as a vital and sustainable alternative for the future. Currently, over 70% of Nigeria’s population lacks access to clean cooking fuel, and more than 50% remains without reliable access to electricity. These gaps present a significant opportunity for gas to play a transformative role,” Kyari noted.
He explained that it was based on these realities that Nigeria is prioritizing the development of the essential infrastructure, regulatory frameworks, and fiscal incentives needed to harness gas as a key solution for improving energy access and driving national development.
Underscoring the immense opportunities Africa holds in the energy sector, Kyari said gas infrastructure development remains critical to driving a trillion-dollar economy in Nigeria.
“Nigeria poised to take a leading role in unlocking the continent’s full potentials in terms of natural gas. The NNPC Ltd is leading the charge in delivering gas to domestic gas-based industries and power plants, while building the needed infrastructure to ultimately bolster economic growth,” the GCEO stated.
While attributing the reforms in the industry to the right leadership who have created fiscal terms for gas, Kyari stressed that many Final Investment Decisions (FIDs) announced were as a result of President Bola Tinubu’s Executive Order on Oil & Gas, which he said provided fiscal incentives for ease of doing business.
“Today, investors are increasingly recognizing that investing in Nigeria, particularly in the oil and gas sector, offers not only the potential for solid returns but also a stable fiscal environment that promises long-term profitability,” Kyari said.
He described the renewed confidence in Nigeria’s investment climate as a major driver in the resurgence of interest from global investors, who are returning to the country to capitalize on the growing opportunities within the sector.
