President Tinubu has pledged to eliminate obstacles hindering investment and operations in Nigeria’s oil and gas sector.
Speaking at the 8th Nigeria International Energy Summit in Abuja, themed “Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential,” he assured investors of attractive fiscal policies and business-friendly regulations to enhance the industry’s growth.
Represented by the Minister of State for Finance, Dr. Doris Uzoka-Anite, President Tinubu expressed confidence in Nigeria’s potential as a global energy powerhouse. He highlighted the role of strategic reforms, innovative policies, and a strong commitment to sustainable development in driving the sector’s growth.
“As many of you are aware, we are currently implementing a series of comprehensive reforms in our fiscal and tax policies. These reforms are designed to create a more business friendly environment and attract both local and international investments by simplifying our tax regulations, offering incentives and ensuring a more transparent and predictable fiscal framework.
“We aim to remove barriers to entry and support the growth of businesses in Nigeria. These measures will not only make it easier for companies to invest and operate in our country, but also stimulate economic development, create jobs and enhance overall prosperity for our nation.
“Ladies and gentlemen, the investment landscape in Nigeria’s energy sector is brimming with opportunities driven by a favourable regulatory environment and strategic initiatives, aimed at attracting all kinds of investors,” the president said.
The president outlined key policy interventions aimed at attracting investment, noting that Nigeria offers lucrative opportunities for investors to explore and develop new oil blocks in the oil and gas exploration and production sector.
He stated that the government’s efforts to enhance security in oil-producing regions and streamline regulatory processes have created a more conducive environment for investment.
“In the area of renewable energy, our commitment to diversifying our energy mix presents significant opportunities in the renewable energy sector. Investors can export solar energy projects, giving Nigeria’s abundant solar resources, as well as green and hydro power projects,” Tinubu added.
Meanwhile, tje Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, revealed that an unnamed company is set to announce a $20 billion Final Investment Decision on an oil and gas project in the coming months.
Lokpobiri stated that Nigeria’s oil and gas sector has undergone significant transformation under the Tinubu administration, emphasizing that the country is open for business and ready to attract investments.
He also dismissed claims of International Oil Companies exiting Nigeria, clarifying that they are only shifting operations from onshore and shallow water areas to offshore fields.
In his address, NNPC Group CEO, Mele Kyari, stated that the world views Africa as the next major player in the global energy market, highlighting Nigeria’s role as the continent’s largest oil and gas producer.
Kyari reaffirmed Nigeria’s position as Africa’s largest oil and gas producer and a key player in the global energy market. He emphasized that oil will remain vital to the global energy mix beyond 2025, accounting for over 39% of global demand, with daily consumption expected to exceed 100 million barrels.
“At NNPC, we view gas not merely as a transitional fuel, but as a vital and sustainable alternative for the future. Currently, over 70 per cent of Nigeria’s population lacks access to clean cooking fuel, and more than 50 per cent remains without reliable access to electricity. These gaps present a significant opportunity for gas to play a transformative role,” Kyari stated.
Kyari explained that, in response to these realities, Nigeria has prioritized developing essential infrastructure, regulatory frameworks, and fiscal incentives to harness gas as a key driver of energy access and national development.
