The Federal Government says recent divestments by International Oil Companies (IOCs) have boosted Nigeria’s crude oil production by about 200,000 barrels per day, unlocking billions of dollars in new investments.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed this while delivering a keynote address on behalf of President Bola Tinubu at the Africa Energy Week in Cape Town, South Africa.
According to Lokpobiri, the divestments, which have seen companies like Shell, ExxonMobil and Chevron exit onshore and shallow-water operations, are more than simple asset transfers.
“These are not just transfers of assets; they are transfers of confidence, capability, and ownership,” he said.
The minister added that the development has already triggered over $5.5 billion in Final Investment Decisions within months and signaled growing confidence in Nigeria’s oil industry reforms.
Lokpobiri, in a statement released Thursday by his media aide, Nneamaka Okafor, stressed that the Tinubu administration is committed to building an investor-friendly environment anchored on transparency and stability.
Indigenous companies such as Seplat Energy, Oando, and Heirs Holdings have been the biggest beneficiaries of the IOCs’ exit, acquiring significant assets and expanding local participation in Nigeria’s petroleum sector.
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The minister highlighted reforms under the Petroleum Industry Act (PIA), which he described as a game-changer, providing clarity on fiscal policies, licensing transparency, host community engagement, and stronger regulatory oversight.
“What makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering,” he said.
Nigeria’s daily crude production currently stands between 1.7 million and 1.83 million barrels per day, supported by reforms and the “Project One Million Barrels” initiative. The country also saw drilling rigs increase from 31 in January to 50 by July 2025.
On the continental stage, Lokpobiri urged African nations to invest in infrastructure and retain more value from hydrocarbons, noting that Africa spends over $120 billion annually on energy imports despite holding nearly $4 trillion in domestic capital.
“The focus should be on availability, accessibility, and affordability of all forms of energy,” he said, adding that Nigeria will continue to responsibly harness its oil resources while diversifying into other energy sources.
Extending an invitation to global investors, Lokpobiri declared: “Come to Nigeria. Be part of the energy revolution.”