Nigeria’s Minister of Petroleum Resources, Senator Heineken Lokpobiri has called on local and international investors to explore new opportunities in the country's burgeoning oil and gas sector, which is now operating under a newly deregulated framework. Speaking at a high-level energy forum in Abuja today, the Minister emphasized the government's commitment to creating a competitive and transparent market environment, following the liberalization of the downstream petroleum sector.
The deregulation of the sector, which began in 2023 with the removal of fuel subsidies, aims to attract fresh capital, encourage innovation, and ensure that the oil and gas industry becomes a key driver of economic growth. In his address, Senator Heineken Lokpobiri outlined the potential benefits for investors, including greater market access, reduced government interference, and more attractive investment incentives.
"The Nigerian oil and gas sector is evolving, and we are actively creating a business environment that is both competitive and transparent," said Senator Heineken Lokpobiri, "Deregulation offers a unique opportunity for investors to come in and thrive within a more open market. With our vast reserves, growing energy demand, and strategic position in the global oil market, Nigeria offers significant long-term potential for those willing to invest in the future of energy."
The Minister also highlighted recent reforms aimed at strengthening the regulatory framework, ensuring fair competition, and protecting the interests of both investors and consumers. The Nigerian government is committed to fostering a climate of trust and sustainability in the energy sector, creating an ecosystem that is conducive to both new entrants and established players.
Nigeria remains one of the largest oil producers in Africa, and the government believes that through the introduction of market-driven pricing and increased private sector involvement, the country will reduce dependency on imports, enhance its refining capacity, and increase domestic production.
"The future of Nigeria's energy industry is bright, and we want investors to be part of that future," Senator Heineken Lokpobiri added. "The deregulated sector is ripe for investment, and we invite both local and global players to take advantage of this transformative period to make a lasting impact."
The Ministry of Petroleum Resources is working closely with regulatory bodies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure a smooth transition into a fully competitive market.