The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has announced that the country has broken a 10-year drought in oil sector investments, thanks to reforms introduced under President Bola Tinubu’s administration.
Lokpobiri disclosed this in a statement issued by his Special Adviser on Media and Communication, Nneamaka Okafor, on Thursday. The remarks followed his keynote address at the United States–Nigeria Council’s session on oil sector collaboration, held on the sidelines of the ongoing United Nations General Assembly in New York.
According to the minister, the period of stagnation crippled growth, eroded investor confidence, and left several oil blocks inactive. However, he stressed that recent policy changes have repositioned Nigeria as an attractive destination for global energy investments.
“At the heart of Nigeria’s renewed energy agenda is a clear and deliberate policy direction: to open our oil sector to deeper, smarter, and more strategic partnerships,” Lokpobiri stated. “The time to invest is not just now—it is ripe.”
These reforms, Lokpobiri noted, are already restoring confidence among international partners and are expected to drive Nigeria closer to its investment targets. The federal government aims to attract $30bn in sectoral investments by 2027 and at least $60bn by 2030.
