The federal government of Nigeria has successfully secured commitments from foreign investor groups to mobilize $21 billion in fresh capital for the oil and gas sector, according to Minister of State for Petroleum Resources, Heineken Lokpobiri. This announcement was made during the opening of the 44th annual international conference of the Nigerian Association of Petroleum Explorationists (NAPE) held in Lagos.
Lokpobiri credited these commitments to recent engagements at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), where global investors expressed renewed interest in Nigeria as a diversification option amid geopolitical tensions in the Gulf region.
During his remarks, the Minister disclosed that two non-binding memoranda of understanding (MoUs) had been signed with foreign investor groups, with one group proposing an investment of $15 billion and another $6 billion. He highlighted the importance of these investments for stability, stating that diversifying investment locations is crucial in light of potential disruptions in regions such as the Gulf.
The Minister emphasized the government’s efforts to connect these foreign groups with local Nigerian companies to facilitate discussions on commercial details. He noted that expanding capital in the oil and gas sector is particularly vital as Western lenders continue to restrict funding to Africa.
Furthermore, Lokpobiri pointed out the significance of the newly established African Energy Bank, inaugurated on October 31, 2026, as a response to the challenges of accessing finance within the region. He mentioned that this bank is set to commence operations on January 4, 2027, in Abuja.
Since taking office in August 2023, Lokpobiri has reported a significant increase in Nigeria’s oil production, stating that figures have risen from around one million barrels per day to over 1.8 million barrels per day. He described the industry as having been in a ‘comatose’ state upon his appointment and expressed optimism about ongoing drilling campaigns and the rise in active rigs.
Looking forward, Lokpobiri urged for increased exploration efforts beyond the Niger Delta, particularly in regions such as the Anambra Basin and the Dahomey Basin. He argued that with an aggressive exploration strategy, Nigeria could potentially double its oil reserves.
Additionally, he warned of a looming manpower crisis in the industry if educational institutions do not revitalize training programs for geoscientists and petroleum engineers, advocating for industry support for initiatives like the proposed NAPE academy.
