The Federal Government has announced an ambitious plan to secure a groundbreaking $20 billion investment deal aimed at revitalizing Nigeria’s oil and gas production.
This announcement was made by the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, during a courtesy visit by a delegation from Schlumberger (SLB) Ltd., led by its global Chief Executive Officer, Mr. Olivier Le Peuch, in Abuja on Thursday, as reported by the News Agency of Nigeria.
Highlighting the critical need for substantial investments in Nigeria’s oil and gas sector, Lokpobiri lamented the recent decline in oil production due to inadequate investment in recent years.
However, he reassured stakeholders that the government is on the verge of attracting over $20 billion in investments, with a single company expected to contribute $10 billion.
“We are engaging with several major investors who have historically made significant investments in the country. While I can’t disclose details yet, we will make a formal announcement once the deal is finalized,” Lokpobiri said.
The minister emphasized President Bola Tinubu’s unwavering commitment to unlocking the vast potential of the oil and gas sector to harness the country’s abundant resources for national prosperity.
“The opportunities in this sector are immense, and we aim to involve not just Schlumberger but also other international service companies,” he added.
Lokpobiri reiterated the government’s dedication to creating an enabling environment that attracts investments and fosters business growth.
He extended an invitation to other international service companies to return to Nigeria, emphasizing the government’s determination to transform the sector through progressive policies and practices.
Acknowledging Schlumberger’s pivotal role in Nigeria’s oil and gas industry over the past 71 years, Lokpobiri praised the company’s longstanding commitment and contributions.
He noted that Schlumberger’s visit is a testament to the renewed confidence in Nigeria’s oil and gas sector, signaling a promising future for collaboration and growth.
In response, Le Peuch expressed optimism about collaborating with Nigeria to boost oil and gas investments and enhance sector performance. He affirmed Schlumberger’s dedication to strengthening its partnership with Nigeria and facilitating a transformative era of investment and growth within the country.
As Nigeria embarks on this ambitious journey, experts highlight that collaboration, innovation, and strategic partnerships will be essential in driving sustainable growth and unlocking the sector’s immense potential.
