Nigeria woos investors at World Petroleum Congress

Nigeria has called on international investors to take advantage of its vast oil and gas resources, ongoing industry reforms and strategic access to the African market to drive long-term investment in its energy sector.

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made the call at the 25th World Petroleum Congress in Riyadh, Saudi Arabia, where he chaired Nigeria’s investment forum, themed “Nigeria – The New Energy Investment Frontier”.

Lokpobiri also participated in a ministerial panel on global energy, where he highlighted Nigeria’s commitment to strengthening energy security, diversifying its energy mix and creating an investment-friendly environment.

He said energy security and a diversified energy mix should 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.

According to the minister, Nigeria’s investment potential extends beyond its 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.

He said Nigeria’s official reserves, as of January 2026, stood at approximately 37 billion barrels of oil and condensate and 215 trillion cubic feet of natural gas, offering opportunities for industrialisation, job creation and economic diversification.

Lokpobiri identified the Petroleum Industry Act (PIA) 2021 and subsequent government initiatives as important measures to improve regulatory clarity, strengthen project economics and boost investor confidence.

He listed upstream operations, gas development, liquefied natural gas, refining, petrochemicals and energy infrastructure among the areas offering investment opportunities.

The minister also stressed the importance of expanding domestic refining and gas-processing capacity to increase local value addition and support manufacturing, power generation and broader economic growth.

“Nigeria remains open to serious, long-term energy investment. We invite capital, technology and strategic partnerships to transform our energy resources into industrial growth, job creation and shared prosperity,” he said.

Lokpobiri reaffirmed the Federal Government’s commitment to improving the investment climate and building partnerships to strengthen Nigeria’s energy security while contributing to a stable, inclusive and sustainable energy future for Africa and the global community.

The statement was issued by Nneamaka Okafor, Special Adviser on Media and Communication to the Minister of State for Petroleum Resources (Oil).

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