The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, says Nigeria recorded a major investment milestone in 2025 with the approval of 28 new field development plans worth $18.2bn, projected to deliver about 1.4 billion barrels of oil.

Speaking on Tuesday in Abuja at the opening of the 9th Nigeria International Energy Summit 2026, Lokpobiri noted that Nigeria has become Africa’s top destination for oil and gas investments, accounting for four of the seven major Final Investment Decisions announced on the continent between 2024 and 2025.

The Nigeria International Energy Summit serves as the Federal Government’s official annual forum for energy policy engagement, investment promotion, and innovation. The ninth edition is themed “Energy for Peace and Progress: Securing Our Shared Future.”

The minister said the achievements were driven by intentional reforms, clearer policies, and stronger governance frameworks that have helped rebuild investor confidence in Nigeria’s oil and gas industry.

He said the renewed flow of investments marked Nigeria’s re-emergence on the global energy investment stage after years of project delays and declining output, adding that ongoing fiscal, regulatory and operational reforms are now producing clear results.

Lokpobiri said, “I want to talk first about Nigeria; our successes, our renewed readiness, the reforms we have implemented, and then put that in the context of Africa, because our fortunes are tied together.

“In 2025 alone, 28 new field development plans worth $18.2bn were signed, with the potential of 1.4 billion barrels of oil. Between 2024 and 2025, of the seven major FIDs announced across Africa, four were in Nigeria. This did not happen by accident; it is the result of steady work, policy clarity, and better governance. These are facts, not rhetoric, showing that Nigeria is once again a magnet for serious business. Our investment climate in Nigeria allows for free movement of capital.”

Lokpobiri noted that when the present administration assumed office, Nigeria’s upstream sector was struggling, marked by falling production, weak investor interest, and a lack of significant new projects.

“That Nigeria possesses an enormous hydrocarbon endowment, and a geography that combines deepwater, shallow, and onshore acreages, is a fact. But resource richness alone is not enough. What makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering. Because ‘investment-ready’ means more than just having reserves; it means having clarity, predictability, efficiency, incentives, and alignment.

“When this government started, this sector was struggling, production and capital flight, and investment had stalled. For more than a decade, there were no major final investment decisions on new projects. Investors were cautious, and confidence was lacking. That was our reality,” he stated.

He said the turnaround was driven by the full implementation of the Petroleum Industry Act, which introduced a stable fiscal regime, streamlined licensing processes, strengthened regulation, and more predictable contract terms.

The minister also noted that rising upstream costs were tackled through the Upstream Petroleum Operations (Cost Efficiency Incentives) Order 2025, which offers tax credits and reduces unit operating expenses for producers.

Lokpobiri added that Project One Million Barrels, launched in October 2024, has produced measurable gains within a year, boosting crude oil output to between 1.7 million and 1.83 million barrels per day — about a 20 per cent increase from previous levels.

“We launched ‘Project One Million Barrels’ in October 2024. In less than a year, production rose to between 1.7 and 1.83 million barrels per day, up by roughly 300,000 barrels in July 2025 alone. The number of active rigs jumped from a paltry 14 in 2023 to over 60 as of today. These are signs that the reforms are working, that idle assets are being activated and existing assets are being optimised,” he said.

Lokpobiri also pointed to the completion of long-pending asset divestments by International Oil Companies, which saw onshore and shallow-water assets transferred to Nigerian operators.

He said the transactions added roughly 200,000 barrels per day to national production and were finalised in record time under President Bola Tinubu’s administration.

However, the minister acknowledged that some domestic policy gaps had introduced new challenges, adding that the oil and gas service sector still faces structural bottlenecks, especially in the engineering, procurement and construction segment.

He said a misreading of the Nigerian Oil and Gas Industry Content Development Act had led to the emergence of “briefcase EPC companies,” displacing experienced international contractors and marginalising capable indigenous firms.

Lokpobiri also noted that Africa’s annual $120bn spending on hydrocarbon imports reflected missed opportunities, urging greater backing for the African Energy Bank, based in Nigeria.