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Nigeria has called for increased international investment in its oil and gas industry, highlighting its vast hydrocarbon reserves, ongoing regulatory reforms and strategic position as a gateway to Africa’s growing energy market.
The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, Ph.D., made the call while chairing Nigeria’s investment forum, themed “Nigeria – The New Energy Investment Frontier,” and participating in a ministerial panel on global energy at the 25th World Petroleum Congress in Riyadh, Saudi Arabia.
In a statement signed by Nneamaka Okafor, Special Adviser on Media and Communications to the Minister of State for Petroleum Resources (Oil), Lokpobiri said Nigeria remained committed to attracting sustainable, long-term investments capable of unlocking the country’s energy potential and driving economic growth.
Addressing international energy stakeholders, the minister stressed that energy security and the development of a diversified energy mix must be pursued simultaneously, with investment playing a central role in achieving both objectives.
“From Nigeria’s perspective, our answer begins with a simple principle: energy security and energy mix must be pursued together, and investment must remain at the centre of both,” he said.
Lokpobiri noted that Nigeria’s investment appeal extended beyond its substantial oil and gas reserves to include a large domestic market, a skilled and increasingly specialised workforce, established infrastructure, maritime access and opportunities to serve the wider African market.
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He said the country’s estimated reserves, as of January 2026, stood at approximately 37 billion barrels of oil and condensate and 215 trillion cubic feet of natural gas, offering significant opportunities for industrialisation, employment generation and economic diversification.
According to the minister, the Federal Government is implementing measures to strengthen the petroleum industry’s regulatory framework, improve project economics and enhance investor confidence.
He identified the Petroleum Industry Act (PIA) 2021 and subsequent government initiatives as important components of efforts to establish a more predictable investment environment and encourage long-term capital inflows into the sector.
The minister also highlighted investment opportunities across upstream oil and gas operations, natural gas development, liquefied natural gas (LNG), refining, petrochemicals and energy infrastructure.
He explained that expanding domestic refining and gas-processing capacity remained central to the government’s efforts to increase local value addition, reduce dependence on imported petroleum products and support manufacturing, power generation and wider economic development.
Lokpobiri said Nigeria was prepared to work with international investors and strategic partners to pital into the petroleum industry while maximising the economic benefits of its oil and gas resources
