The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has stated that recent divestments by international oil companies have boosted the country’s crude production by approximately 200,000 barrels per day.

Speaking in Cape Town, South Africa, Lokpobiri delivered the keynote address on behalf of President Bola Tinubu at the Africa Energy Week, the statement said Thursday.

The minister added that the recent divestments by IOCs have also unlocked more than $5.5 billion in final investment decisions within just a few months.

“These are not just transfers of assets, they are transfers of confidence, capability, and ownership,” he said.

The minister affirmed that Nigeria is “open for business” and is implementing policies that focus on attracting investment, enhancing efficiency, and driving long-term growth in the oil sector.

“This gathering is more than a conference, it is a call to action,” Lokpobiri noted.

The minister emphasized that Nigeria is prepared to engage in the global energy market and spearhead reform and growth across Africa.

Lokpobiri highlighted policy initiatives under President Tinubu’s administration, notably the Petroleum Industry Act, which “offers a clear and predictable fiscal and regulatory framework for investors.”

“What makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering,” the minister said.

Lokpobiri also called on African nations to capture greater value from their hydrocarbon resources by investing in infrastructure, industrial development, and localized value chains.

He noted that Africa spends more than $120 billion each year on hydrocarbons, primarily through imports, calling it “a missed opportunity for economic transformation.”