FG commits to revitalizing oil and gas sector amid growing investor confidence
The Federal Government of Nigeria has reaffirmed its commitment to revitalizing the nation’s oil and gas sector, highlighting renewed global investor confidence fueled by bold reforms, strategic policies, and infrastructure development under President Bola Ahmed Tinubu.
This was stated by the Honourable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and the Honourable Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, at the official opening of the 24th Nigeria Oil and Gas (NOG) Energy Week on July 1, 2025, in Abuja.
Senator Lokpobiri emphasized Nigeria’s resurgence on the global investment stage, crediting President Tinubu’s commitment to a transparent, predictable, and investor-friendly environment. He noted a significant rise in sector investments over the past year.
He further stressed the strategic importance of oil and gas, which accounts for over 80 percent of Nigeria’s foreign exchange earnings. According to the Nigerian Upstream Petroleum Regulatory Commission, crude oil production has increased from about 1.3 million barrels per day last year to approximately 1.745 million barrels per day.
Rt. Hon. Ekperikpe Ekpo spoke on the vital role of natural gas in Nigeria’s economic transformation and net-zero ambitions. He described the Decade of Gas Initiative as a national strategy to harness Nigeria’s vast gas reserves for broad socio-economic benefits.
Ekpo detailed government efforts in infrastructure expansion, policy reforms, and partnerships to boost gas utilization across industrialization, power generation, domestic LPG use, gas transport adoption, and export capacity.
He also highlighted key reforms under the Petroleum Industry Act, the activation of the Midstream and Downstream Gas Infrastructure Fund, and the clearing of legacy debts owed to gas producers—measures that have enhanced project viability and investor confidence. Projects like the Ajaokuta–Kaduna–Kano (AKK) and Obiafu–Obrikom–Oben (OB3) pipelines exemplify ongoing progress.
He praised the Nigerian Content Development and Monitoring Board for strengthening local manufacturing and research capacity, ensuring Nigerian firms lead the country’s energy future.
