According to the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, Nigeria achieved a major milestone in 2025 by approving 28 new field development plans valued at $18.2 billion. These projects have a combined production capacity of 1.4 billion barrels of oil.
Energy Summit (NIES) 2026
Lokpobiri shared this announcement on Tuesday in Abuja during his ministerial address at the opening of the 9th Nigeria International Energy Summit (NIES) 2026. He highlighted that Nigeria has become a leading destination for oil investments as well as gas investments. Between 2024 and 2025, the country secured four out of the seven largest Final Investment Decisions (FIDs) made across Africa.
The Nigeria International Energy Summit serves as the Federal Government’s official platform for energy policy discussions, investment promotion, and innovation. The theme for this year’s summit is “Energy for Peace and Progress: Securing Our Shared Future.”
The minister emphasized that Nigeria’s progress in the oil and gas sector is the result of deliberate reforms, clearer policies, and improved governance. These efforts have helped rebuild investor confidence in the industry.
He also noted that the renewed flow of capital into Nigeria signals the country’s return to the global energy oil investments map. After years of stalled projects and declining output, recent fiscal, regulatory, and operational reforms are now delivering measurable results.
Lokpobiri said, “I want to talk first about Nigeria; our successes, our renewed readiness, the reforms we have implemented, and then put that in the context of Africa, because our fortunes are tied together.
“In 2025 alone, 28 new field development plans worth $18.2bn were signed, with the potential of 1.4 billion barrels of oil. Between 2024 and 2025, of the seven major FIDs announced across Africa, four were in Nigeria. This did not happen by accident; it is the result of steady work, policy clarity, and better governance. These are facts, not rhetoric, showing that Nigeria is once again a magnet for serious business. Our oil investment climate in Nigeria allows for free movement of capital.”
Lokpobiri recalled that when the current administration took office, Nigeria’s upstream sector was in distress, with declining production, investor apathy, and an absence of major new projects.
“That Nigeria possesses an enormous hydrocarbon endowment, and a geography that combines deepwater, shallow, and onshore acreages, is a fact. But resource richness alone is not enough. What makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering. Because ‘investment-ready’ means more than just having reserves; it means having clarity, predictability, efficiency, incentives, and alignment.
“When this government started, this sector was struggling, production and capital flight, and investment had stalled. For more than a decade, there were no major final investment decisions on new projects. Investors were cautious, and confidence was lacking. That was our reality,” he narrated before a distinguished audience, including Gambia’s President, Adama Barrow.
The minister attributed the positive shift in this trend to the full implementation of the Petroleum Industry Act. He explained that the Act established a stable fiscal framework, clarified licensing procedures, strengthened regulations, and ensured contract certainty.
He also highlighted that cost pressures in the upstream sector were addressed through the Upstream Petroleum Operations (Cost Efficiency Incentives) Order 2025. This policy introduced tax credits and lowered the unit operating costs for producers.
Lokpobiri noted that significant progress had been made within a year of launching the Project One Million Barrels in October 2024. Crude oil production increased to between 1.7 million and 1.83 million barrels per day—approximately 20% higher than the previous production levels.
“We launched ‘Project One Million Barrels’ in October 2024. In less than a year, production rose to between 1.7 and 1.83 million barrels per day, up by roughly 300,000 barrels in July 2025 alone. The number of active rigs jumped from a paltry 14 in 2023 to over 60 as of today. These are signs that the reforms are working, that idle assets are being activated and existing assets are being optimised,” he said.
Lokpobiri highlighted that International Oil investments Companies had completed long-pending asset divestments, transferring onshore and shallow-water assets to Nigerian companies.
He noted that these divestments added approximately 200,000 barrels per day to Nigeria’s national output and were finalized swiftly under President Bola Tinubu’s leadership.
However, Lokpobiri admitted that certain policy missteps had created new challenges. He pointed out that Nigeria’s oil and gas service industry still faces structural limitations, particularly in the engineering, procurement, and construction (EPC) segment.
He further claimed that a misinterpretation of the Nigerian Oil and Gas Industry Content Development Act had led to the rise of “briefcase” EPC companies. These firms have displaced established international contractors and sidelined capable local businesses.
According to Lokpobiri, the Africa annual hydrocarbon importation bill of 120bn was a missed opportunity, and that the African Energy Bank must get stronger backing to be based in Nigeria. Failure to mobilise resources to address the energy problems of Africa means that misery will go higher as we extend our population. It is on us, and it is our responsibility, he said.
In the meantime, the Independent Petroleum Producers Group has requested the immediate changes to the industry fees streamlining, reducing bureaucracy, and accessibility of long-term capital to continue the growth of the oil and gas industry in Nigeria.
The IPPG Chairman and Aradel Holdings CEO, Adegbite Falade, in giving a key note speech at the event, stated that the summit would be a highly involving, thought-provoking, and solution-oriented event as the world was undergoing a transformation in the energy sector due to conflicts, alliances, and increasing energy insecurity.
“In today’s interconnected world, energy has no borders. Shocks in one region affect people across continents, and Africa, including Nigeria, is not shielded from these pressures,” Falade said.
He noted that Nigeria’s oil and gas sector had recorded significant growth, highlighting that for the first time, indigenous producers and independents now account for more than 50% of national production. He attributed this to improved export pipeline availability, reduced crude losses, and stronger local participation.
