The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri has hinted that groundbreaking announcements are coming in the next few months with the anticipation of $20 billion investment in the oil and gas industry in Nigeria.
This is in addition to the $5billion investment already attracted into the sector.
Senator Lokpobiri dropped the hint while speaking on Tuesday at the 2025 Edition of the Nigeria International Energy Summit (NIES) holding in Abuja.
NIES stands as Africa’s foremost energy platform, uniting stakeholders to drive innovation and unlock value across the continent.
Speaking, the Minister announced that Nigeria is ready for business.
“Under the leadership of President Bola Tinubu, Nigeria has shown readiness for business and that was why four major divestments that were pending before were completed.
“Oando acquired Nigeria Agip Oil Company, Telma Energies acquired TotalEnergies EP Nigeria Limited, Chappal Energies acquired Equinor Nigeria Energy, and Seplat Energy acquired Mobil Producing Nigeria Unlimited (MPNU),” he said.
The achievement, according to him, underscores that Nigeria is a very attractive investment destination, where investors could bring their capital to invest and divest at will.
“It also shows that we have developed and show enormous local capacity. Those that are buying these assets are those that have worked in Shell and International Oil Companies (IOCs) alike.
“They have the capacities to run those assets in a manner that will be profitable, Nigeria has nothing to lose, we get our royalties, taxes, and benefits,” he said.
Contrary to the impression that some IOCs are leaving Nigeria, Lokpobiri said, no IOCs is leaving Nigeria, noting that all the IOCs cannot find a better location than Nigeria for business.
“At the worst, they are leaving for deep offshore, which is beyond the capacity of Independent Petroleum Producers Group (IPPG) members,” he said.
The Minister said that Africa has enormous oil and gas resources, that remains to be untapped. But the fundamental problem has to do with funding.
He said because of the campaign about energy transition, the global north is slowing down investment in Africa. But they are not slowing down on investment in their own domain, therefore, the time has come for Africa compliment the funding that is expected from outside Africa by establishing Africa Energy Bank (AEB).
He thanked the African Petroleum Producers’ Organisation (APPO), and the African Export-Import Bank (Afreximbank) that came up with the initiative of setting up the bank.
He announced that the bank is about taking off in Nigeria, first quarter of 2025, to provide solutions to the continent’s financial problems.
He submitted that the country has made significant progress in oil, increasing production from 1million barrels per day to about 1.8million barrels per day.
Also speaking, the Minister of State Petroleum Resources (Gas), Hon. Ekperipe Ekpo said, over the past two years, Nigeria’s gas sector has undergone remarkable transformation, marked by substantial advancements in infrastructure, policy reforms, gas utilization, and domestic initiatives.
Hon. Expo said in recognition of natural gas as a catalyst for Nigeria’s economic growth, President Bola Tinubu has reaffirmed the government’s commitment to the Decade of Gas initiative.
Launched in 2021, this policy aims to position Nigeria as a leading gas-powered economy by 2030 through infrastructure expansion, increased domestic utilization, and export growth, with key projects include pipeline development, gas-based industries, and gas-to-power initiatives.
He said by fostering a business-friendly environment, Nigeria is building a sustainable gas ecosystem that drives industrialization, job creation, and energy security, ensuring a cleaner and prosperous future.
The Minister noted that the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline remains a flagship project in our national gas expansion drive.
“The AKK pipeline—spanning 614 kilometers—will enhance gas supply to key industrial and commercial hubs across Nigeria. With an expected completion date of 2025, this $2.8 billion initiative is poised to stimulate industrialization, create jobs, and attract investments in manufacturing and power generation,” he said.
Ekpo said, the landmark enactment of the Petroleum Industry Act (PIA) in 2021 laid the foundation for a more competitive and transparent oil and gas industry.
“Over the past two years, we have successfully commercialized NNPC, established host community development trusts, and issued the first petroleum exploration license under the PIA. These reforms have fostered regulatory certainty and improved investor confidence in our gas sector,” he said.
Highlighting some of the achievements so far recorded in the sector, the Minister said,“in September 2024, Nigeria achieved another milestone by granting UTM Offshore Limited the first-ever license for a floating liquefied natural gas (LNG) plant. This innovative project will process gas from Seplat’s Oil Mining Lease 104, producing 2.8 MTPA of LNG and 500,000 metric tons of liquefied petroleum gas (LPG), effectively reducing gas flaring and enhancing Nigeria’s export capacity.”
He added that the October 2024 agreement between Nigeria and international energy giants—Shell, TotalEnergies, and Eni—will supply 270 million standard cubic feet of gas per day to the $3.5 billion Brass fertilizer and petrochemical plant in Bayelsa State.
The initiative, according to him, was expected to generate $1.5 billion annually in export revenue, reduce fertilizer imports by 30%, and save Nigeria approximately $200 million in foreign exchange annually.
He stated that in response to the removal of fuel subsidies in 2023 and the resultant surge in petrol prices, the government launched a nationwide CNG initiative to provide cost-effective and environmentally friendly transportation alternatives.
He said with over 100,000 vehicles targeted for conversion and a $200 million investment in CNG infrastructure, the program was crucial in reducing transportation costs and promoting energy sustainability.
He recalled that in September 2024, the Federal Government of Nigeria, through the Midstream Downstream Gas Infrastructure Fund (MDGIF), invested 122 billion Naira as equity participation into six companies with the aim of transforming the gas value chain in the country, noting that the country is steadfast in its commitment to leveraging natural gas as a catalyst for economic growth, industrialization, and energy transition.
Earlier, in his Welcome Address, the Permanent Secretary, Ministry of Petroleum Resources, Ambassador Nicholas Agbo said, since its inception in 2018, NIES has evolved into Nigeria’s flagship energy platform, cementing its status as the country’s only government-sanctioned oil and gas summit.
Endorsed at the highest levels of government, Ambassador Agbo said, the
NIES has consistently served as a catalyst for energy policy evolution, market-driven strategies, and sustainable development, stating that its success is evident in its growth from a national gathering into a globally recognized platform that bridges continents and sectors.
“The numbers from the 2024 edition underscore the significance and impact of NIES:
“Over 5,000 participants from 45 countries—representing government delegations, IOCs, NOCs, independent producers, service companies, financiers, and policymakers.
“A sprawling 4,182 square meters of dedicated exhibition space that showcased cutting-edge technologies, innovative solutions, and investment opportunities.
“More than 60 plenary sessions, technical workshops, and panel discussions covering critical topics like energy transition, decarbonization, upstream investments, refining capacity, natural gas monetization, and digital transformation.
“Over $2.5 billion in investment deals and MOUs signed on the sidelines of the event, further cementing NIES as a tangible driver of growth and development in Africa’s energy sector,” he said.
