FG woos EPC firms to return, says old barriers removed

The Federal Government has urged major Engineering, Procurement and Construction (EPC) companies to return to Nigeria’s oil and gas industry, assuring that obstacles that previously discouraged investment have been dismantled through reforms and new incentives.

This was contained in a statement on Sunday by Nneamaka Okafor, Special Adviser on Media and Communication to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.

Speaking at the EPC Deepwater Investment Roundtable in London, organised by the Oil Producers Trade Section (OPTS), Lokpobiri said Nigeria’s petroleum landscape had undergone far-reaching changes aimed at creating a friendlier and more stable investment climate.

According to him, the government has implemented bold reforms to strengthen investor confidence and guarantee long-term stability in the sector. He noted that these efforts were already restoring optimism among stakeholders and positioning Nigeria as a top destination for deepwater investments.

“We want to assure all our partners that the Nigeria of today is different. The barriers that forced many EPC companies out in the past have been removed. We now have policies that encourage efficiency, transparency and profitability,” the minister said.

Lokpobiri further highlighted the critical role of EPC firms in unlocking deepwater opportunities, stressing that their expertise was needed to help Nigeria boost oil and gas production, expand infrastructure, and meet its energy security targets.

The government, he added, is committed to working closely with international and local investors to accelerate project delivery and maximise value creation in the industry.

Industry analysts believe the renewed push for EPC participation is crucial as Nigeria intensifies efforts to reverse declining oil production, attract foreign capital, and strengthen its position in the global energy market.