UNGA: Nigeria woos global investors with revamped oil sector

Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has made a strong case for foreign investment in Nigeria’s oil sector, describing the industry as “reformed, open, and ripe” for global partnerships.

Speaking during a special session hosted by the United States–Nigeria Council on the sidelines of the ongoing United Nations General Assembly (UNGA) in New York, Lokpobiri outlined how recent policy reforms have transformed Nigeria’s oil landscape into a globally competitive investment destination.

> “At the heart of Nigeria’s renewed energy agenda is a clear and deliberate policy direction to open our oil sector to deeper, smarter, and more strategic partnerships,” Lokpobiri said.

“The time to invest is not just now — it is ripe.”

In a statement released on Thursday by his Special Adviser on Media and Communication, Nneamaka Okafor, the minister emphasized that Nigeria had gone over a decade without securing new oil investments prior to the current administration.

> “For over 10 years, before President Bola Tinubu assumed office, there were no new investments in Nigeria’s oil sector.

But with the reforms we have carried out, which have created an atmosphere that is globally competitive and attractive, we now have new investments running into billions of dollars,” he noted.

He disclosed that inactive oil blocks, which had remained dormant during the investment drought, have now been reintroduced and are available to investors.

> “All inactive blocks during the period of no investments are in the basket now and up for grabs,” he said.

Highlighting Nigeria’s longstanding energy ties with the United States, Lokpobiri invited both existing and new partners to explore opportunities not only in the upstream sector but across the broader petroleum value chain.

> “We have longstanding relationships with U.S. companies. Beyond these, there are new doors opening — especially for fresh players looking to invest in upstream and other segments,” he added.

The minister credited the recent turnaround to the successful implementation of the Petroleum Industry Act (PIA) — Nigeria’s landmark energy legislation — which he described as a “robust, investor-friendly legal framework” that has helped restore global investor confidence.

> “Thanks to bold reforms and globally competitive fiscals, Nigeria has significantly ramped up production and repositioned itself as a dependable energy hub across West Africa and the continent.”

While promoting investment, Lokpobiri reiterated Nigeria’s commitment to energy transition goals, aligning with global sustainability protocols.

> “We are fully aligned with the Paris Agreement, and remain committed to cleaner, more sustainable exploration.

Our doors are open, our laws are clear, and our environment is conducive — now is the time for U.S. and global investors to become part of Nigeria’s energy success story.”

As UNGA 2025 continues, Nigeria is positioning itself not just as Africa’s largest oil producer, but as a forward-facing, investor-ready energy player in a transitioning global economy.