Nigeria has recorded its first major oil sector investments in over a decade, ending a 10-year drought, according to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.
Lokpobiri made the announcement in a statement issued by his Special Adviser on Media and Communication, Nneamaka Okafor, on Thursday. The remarks followed his keynote address at the United States–Nigeria Council’s session on oil sector collaboration, held on the sidelines of the ongoing United Nations General Assembly in New York.
The minister explained that the prolonged period of stagnation had crippled growth, eroded investor confidence, and left several oil blocks inactive. However, he emphasized that reforms introduced under President Bola Tinubu’s administration have begun to reposition Nigeria as an attractive destination for global energy investments.
“At the heart of Nigeria’s renewed energy agenda is a clear and deliberate policy direction: to open our oil sector to deeper, smarter, and more strategic partnerships,” Lokpobiri said. “The time to invest is not just now—it is ripe.”
He further noted that for over ten years prior to President Tinubu’s leadership, Nigeria did not record any new investments in its oil sector, underscoring the impact of recent policy shifts on reviving industry confidence.
