The Federal Government has urged investors to take advantage of the recent divestments by International Oil Companies (IOCs) which have added about 200,000 barrels per day to Nigeria’s crude production by investing in the hydrocarbon resources industry.
The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, who gave the charge in his keynote address at the ongoing Africa Energy Week in Cape Town, South Africa, disclosed that the IOCs’ divestments had unlocked over $5.5bn in fresh investment over the past months.
The minister, who represented President Bola Tinubu at the event, maintained that “these are not just transfers of assets, they are transfers of confidence, capability, and ownership.”
A statement issued on Thursday by the minister’s Special Assistant on Media and Communication, Nneamaka Okafor, quoted him as stressing that the present administration is committed to building a transparent, stable and investor-friendly petroleum sector framework to attract long-term investments to the industry.
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Lokpobiri said: “Of particular note were the recent asset divestments by International Oil Companies, which the Minister said have unlocked over $5.5 billion in Final Investment Decisions within months.
“These are not just transfers of assets, they are transfers of confidence, capability, and ownership. The divestments have already added approximately 200,000 barrels per day to national production”, he added.
The minister maintained that Nigeria was open for business and actively introducing policies that prioritise investment, efficiency, and long-term growth in the oil sector.
Describing the forum as more than a conference but a call to action, he assured that Nigeria was not just only ready to participate in the global energy market, but to lead reforms and the market’s growth in Sub-Saharan Africa (SSA).
Lokpobiri also spoke on some of the policies now being implemented by the Tinubu’s administration to transform the industry, particularly the “Project One Million Barrels” initiative, and the Petroleum Industry Act, which provides a clear and predictable fiscal and regulatory environment for investors.
According to him, the PIA has created a strong foundation for licensing transparency, host community engagement, strengthened regulatory oversight, and a fair contractual framework.
The minister clarified: “What makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering.”
At the continental level, he urged oil producing nations to retain more value from their hydrocarbon resources by focusing on infrastructure, industrial development, and localised value chains, noting that Africa currently spends over $120bn annually on hydrocarbons, largely through imports.
Describing the importation of crude and refined petroleum products a missed opportunity for economic transformation, the minister canvassed a stronger intra-African collaboration and financing from the huge pension and insurance funds, among other sources.
Lokpobiri stressed: “The question is no longer about the availability of funds, but how we can channel them into productive investments on our continent.”
