Senator Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil), has emphasized that investment is the cornerstone for sustainable growth in the nation’s oil sector. He stated this at the 2024 Nigeria Oil and Gas Energy Week, where key industry stakeholders gathered to discuss the sector’s future.
Lokpobiri explained that Nigeria cannot maximize its vast oil reserves without deliberate and consistent investment. Government policies, he stressed, are now designed to attract both local and foreign investors. According to him, the Lokpobiri oil sector investment drive is aimed at restoring confidence and scaling up production capacity.
To achieve this, the government is reducing bureaucratic delays and creating investor-friendly policies. Measures such as improving transparency, strengthening legal frameworks, and ensuring security in oil-producing regions are central to this agenda. These steps are necessary to foster a stable environment and drive long-term investment.
The Lokpobiri oil sector investment campaign aligns with President Tinubu’s Renewed Hope Agenda. During his remarks, Lokpobiri assured participants that the ministry is actively engaging with international oil companies and indigenous operators alike. He also encouraged collaborative partnerships that support infrastructure upgrades, refinery expansion, and gas utilization.
Nigeria, he stated, has the potential to meet domestic demand and export surplus crude if the right investments are made. Recent improvements in regulatory clarity, he noted, are already delivering results. He praised the Nigerian Upstream Petroleum Regulatory Commission for streamlining approvals and enhancing accountability.
Diversifying investments is also a key focus. Lokpobiri encouraged stakeholders to explore the gas value chain, modular refineries, and alternative energy sources. These areas present opportunities for new growth, job creation, and energy transition.
Boosting oil production, he further explained, will help increase foreign exchange earnings and reduce reliance on external borrowing. Support for local content development and knowledge transfer to Nigerian professionals remains a top priority.
Several oil companies present at the event expressed renewed interest in expanding their footprint. Many commended the minister’s leadership and his open-door policy. The government’s commitment to fixing infrastructure bottlenecks and improving the ease of doing business also received praise.
In addition, Lokpobiri announced plans to revive dormant oil fields and empower small-scale operators. Incentives are being developed for marginal field operators, and upcoming licensing rounds will be more inclusive. This strategy aims to broaden sectoral participation and encourage emerging players.
He closed his address by reaffirming the government’s commitment to reform and innovation. To remain competitive in the global energy market, Nigeria must attract steady investment—and Lokpobiri believes this is the only viable path forward.
Through strategic reforms and decisive leadership, Lokpobiri is setting a new pace for the oil and gas sector. His call for investment is both timely and practical, reflecting a clear vision for transforming Nigeria’s most vital industry.
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