- IOCs’ divestments unlocked $5.5 billion in investment, driving new production and boosting confidence in Nigeria’s oil and gas sector.
- The $5.5 billion investment from IOCs’ divestments showcases Nigeria’s recovery efforts and investor-friendly oil and gas reforms.
Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has confirmed that International Oil Companies’ (IOCs) asset divestments have attracted over $5.5 billion in new investment. He explained that these deals have already lifted production, raised investor confidence, and created fresh opportunities for sustainable growth in the oil and gas industry.
Speaking on behalf of President Bola Ahmed Tinubu at Africa Energy Week in Cape Town, South Africa, Lokpobiri described the transactions as “transfers of confidence, capability, and ownership.” He also revealed that the new investments added about 200,000 barrels per day to Nigeria’s national output.
In a statement issued by his media aide, Nneamaka Okafor, the Minister stressed that Nigeria is “open for business.” He highlighted the government’s commitment to a transparent and stable investment climate, prioritising efficiency, accountability, and long-term growth.
He pointed to the Petroleum Industry Act (PIA) as a game-changer. The Act delivers a clear fiscal and regulatory base, improves licensing transparency, strengthens host community engagement, and ensures stronger oversight. “What makes Nigeria now different,” he stated, “is the legal, regulatory, financial, and structural transformation we are delivering.”
Lokpobiri also drew attention to the progress of the “Project One Million Barrels” initiative. Daily crude oil production has increased to between 1.7 and 1.83 million barrels. In July 2025 alone, output rose by 300,000 barrels per day. Meanwhile, active drilling rigs climbed from 31 in January to 50 by July. He argued that these figures show a sector in recovery and moving towards resilience.
Turning to the African energy landscape, the Minister urged countries to retain more value from their hydrocarbon resources. He warned that Africa currently spends over $120 billion yearly on imports, resources that should drive domestic industrialisation instead. He called for more substantial investment in infrastructure, industrial growth, and localised value chains. In addition, he emphasised the need to mobilise Africa’s $4 trillion pension and insurance funds to fuel energy investments.
In the global debate, Lokpobiri pressed for a balanced approach. Energy discussions, he argued, should focus on “availability, accessibility, and affordability” rather than abandoning hydrocarbons too quickly. He maintained that Nigeria will responsibly use its oil wealth while working to establish a diversified and sustainable energy base.
By linking IOCs’ divestments to higher output, structural reforms, and long-term stability, Lokpobiri positioned Nigeria as both a magnet for investment and a key player in Africa’s energy future.