Addressing a high-level gathering at the NIES 2026, which included African energy ministers, investors, and corporate leaders, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, underscored Nigeria’s remarkable energy achievements.
He highlighted that the nation’s oil production had increased by 70% within a year, moving from less than 1 million barrels per day to 1.7–1.8 million barrels, including condensate.
Lokpobiri emphasized, “This is not just about reserves; it is about stable, predictable, and transparent governance that investors can trust.”
He cited the implementation of the Petroleum Industry Act (PIA), strengthened regulatory frameworks, local content enforcement, and cost-reduction measures as the reforms driving this growth. The results are tangible: active upstream projects have increased from 40 to over 60, and idle assets are being optimized, signaling a revitalized sector.
He showcased major investment decisions as evidence of international confidence:
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Shell’s recent $5 billion investment in Bonga north
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Total’s $550 million Ubeta Gas Project
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Shell CEO, Wael Sawan’s $20 billion investment commitment announced in January 2026
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Chevron’s Panther project valued at $1.8 billion
Lokpobiri noted that policy clarity, divestment facilitation, and regulatory certainty had unlocked these flows.
Nigerian companies taking over assets from international operators have already increased production by over 100,000 barrels per day, reflecting growing local capacity.
The minister highlighted that the removal of fuel subsidies had released trillions of Naira for midstream and downstream investment, with stakeholders such as BUA Group and Dangote Refinery committing to expanded refining capacity.
Licensing reforms promoting transparency have also unlocked multilateral financing, creating opportunities for Nigerian companies to scale efficiently. The launch of the West African Reference Market also positions Nigeria as a refining hub for the Gulf of Guinea.
Strategic capacity-building initiatives include:
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A specialized university in Kaduna for energy sector training
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A globally recognized training center in Port Harcourt
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Alignment of local EPC companies with international operators to enhance efficiency and competition
According to the oil minister, the government aims to capture 20% of the regional energy services market, ensuring that local actors thrive alongside global players.
To address historic financing gaps, Lokpobiri also announced the handover of a fully furnished building for the African Energy Bank, which would enable new financing mechanisms for oil and gas projects across Nigeria and the continent.
He stated, “Access to finance has been weaponized against Africa. This platform will catalyze investment across the continent.”
Lokpobiri clarified Nigeria’s strategic direction: “We are moving beyond global energy transition rhetoric to a pragmatic energy mix approach. Fossil fuels remain critical to global energy security, even as we grow renewables. Our strategy balances renewable energy expansion with Nigeria’s hydrocarbon potential, ensuring energy access, economic development, and regional leadership.”
The Oil Minister closed with an invitation to global investors: “Nigeria’s reforms are real, opportunities are tangible, and leadership is committed. Come to Nigeria, invest with us, profit with us, and co-architect a future where Africa’s largest energy producer addresses energy poverty across the continent.
