UNGA 80: Nigeria Speaks On Oil Sector Reforms, Seeks Strategic Global Investors

Nigeria has opened previously inactive oil blocks to investors and is actively seeking deeper and more strategic partnerships with global players to resume production on those assets.

The minister of state for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made this disclosure while delivering a keynote address at the United States–Nigeria Council’s session on oil sector collaboration during the United Nations General Assembly (UNGA) 2025 in New York.

Senator Lokpobiri recalled that for over 10 years prior to the coming of President Bola Tinubu, Nigeria did not have any new investment in the oil sector.

However, he said that the reforms carried out in the sector have created an atmosphere that is globally competitive and attractive, adding, “We now have new investments running into billions of dollars.”

The minister said, “All inactive blocks during the period of no investments are in the basket now and up for grabs.”

He urged investors to act quickly to take advantage of this rare opportunity.

Senator Lokpobiri further explained that the government’s renewed focus has transformed the sector: “At the heart of Nigeria’s renewed energy agenda is a clear and deliberate policy direction: to open our oil sector to deeper, smarter, and more strategic partnerships. The time to invest is not just now — it is ripe.”

Highlighting Nigeria’s improved production capacity, the Minister said, “Thanks to bold reforms and globally competitive fiscals, Nigeria has significantly ramped up production and repositioned itself as a dependable energy hub across West Africa and the continent.”

He credited the Petroleum Industry Act (PIA) for the sector’s revival, calling it a “robust, investor-friendly legal framework” that has “restored investor confidence” and is “driving growth” in the industry.

Regarding Nigeria’s energy transition, Senator Lokpobiri assured that the country remains aligned with global sustainability efforts: “We are fully aligned with the Paris Agreement, and remain committed to cleaner, more sustainable exploration. Our doors are open, our laws are clear, and our environment is conducive — now is the time for U.S. and global investors to become part of Nigeria’s energy success story.”

The Minister’s remarks reflected Nigeria’s ongoing efforts under President Tinubu’s leadership to attract foreign investment and strengthen its position as a key player in the global oil market.