Nigeria Woos Global Investors With Oil Sector Reforms

Nigeria has called on international investors to take advantage of sweeping reforms in its oil and gas sector, promising a more competitive environment and clearer fiscal policies designed to restore confidence and attract capital.

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made the appeal in New York during a session at the United States–Nigeria Council on the sidelines of the 2025 United Nations General Assembly.

He said that after years of dwindling investment, Nigeria was opening a new chapter that would unlock opportunities for both local and international players.

According to the minister, the government has restructured the industry to address long-standing investor concerns.

He pointed to the Petroleum Industry Act (PIA) as a foundation for transparent governance, alongside globally competitive fiscal terms that make exploration and production more attractive.

Dormant or inactive oil blocks are being reopened, and licensing processes are being streamlined to encourage quicker entry into the market.

“For more than a decade, Nigeria struggled to attract new investment into its oil industry. That is now changing,” Lokpobiri said. “We are creating the kind of competitive environment investors expect, and the early results show billions of dollars beginning to flow back into the sector.”

Nigeria is also seeking strategic partnerships, especially in deepwater and frontier exploration, as well as in refining and gas infrastructure.

The government says it is committed to reducing operational inefficiencies, providing incentives to returning companies, and expanding indigenous participation.

Analysts say if the reforms are sustained, Nigeria could see a rebound in crude production, boost revenues, and re-establish itself as a regional energy hub.

However, challenges remain in ensuring regulatory stability, tackling insecurity in producing areas, and balancing oil development with global energy transition pressures.

By extending an open invitation to global investors, Nigeria is signaling both its readiness to reform and its determination to remain a key player in global energy markets.