President Bola Ahmed Tinubu has called for a strategic review of pension fund asset policies to allow investment in Nigeria’s oil and gas sector, urging a rethinking to unlock the vast economic potential of the industry.
On Wednesday, President Tinubu, who commissioned the $400 million Green Energy International Limited (GEIL) crude oil export terminal in Otakikpo, Rivers State, emphasised the immense returns that could be realised from such investments.
The Otakikpo terminal, which is Nigeria’s first indigenous crude oil export terminal and the first new terminal constructed in the country in five decades, has already boosted the nation’s crude export by over one million barrels in just four months of operation.
Represented by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, the President said that the federal government is already engaging with Ogoni to resolve all outstanding issues so that crude production can commence.
He added that the Otakikpo terminal will evacuate the crude oil produced from their land.
“We need to tinker with our pension laws so that pension funds can also be invested in oil and gas.”
He emphasised the immense returns that could be realised from such investments, citing an example from Senegal where an $8 billion investment is projected to yield $40 billion over 25 years.
“Imagine a situation where you invest $8 billion in Senegal, and the return is $40 billion. Even if you invest $8 billion in pension funds, it won’t give you more than maybe twice that amount. But this is 300 per cent or more,” he said.
The President highlighted the critical role of indigenous companies in transforming the sector. “I believe that we need to encourage indigenous players like Green Energy that have pioneered this move,” he said, praising Green Energy for investing over $400 million into building the new terminal.
He also criticised some marginal field license holders who, instead of investing in the sector, misused funds for private jets, asserting, “If you don’t have the capacity to do it, you’d better go and look for something else to do instead of wasting your time in oil and gas.”
He described the oil and gas sector as a solution to Nigeria’s economic challenges, pledging government collaboration with stakeholders.
“Federal government will collaborate with stakeholders, with state government, with local government, with community leaders to ensure that we unlock the huge deficits we have in this part of the world,” he said.
In the energy transition debate, the minister dismissed calls to abandon oil and gas, stressing the continued global reliance on hydrocarbons. “Oil and gas will never go away,” he declared.
Referring to the International Energy Agency’s new projections, he explained, “The world would need to spend about $540 billion per annum to avoid an energy crisis in the next 25 years. And this investment is proposed to be made in the upstream sector, the same oil and gas sector.”
He added that oil and gas is expected to constitute more than 50% of the global energy mix for at least the next 50 years.
The president underscored the importance of local collaboration, especially with communities in the Niger Delta, to unlock resources. “I want the people of River State, I want the people of Niger Delta to collaborate with operators, create an enabling environment to bring this resource to the market,” he urged, warning that buried resources create no value.
“If these resources are buried in the ground, there’s no value created.”Regarding finance for the sector, the Minister cited the creation of the African Energy Bank aimed at mobilizing local capital for energy investments.
“We have discovered that the biggest challenge we have in Africa is access to finance. And that is why we’ve come up with the African Energy Bank, which is ready to go,” he said, adding that Nigeria has met all its obligations for the bank’s launch.
Meanwhile, the chairman and CEO of Green Energy International Limited, Professor Anthony Adegbulugbe, said that since June 2025, the Otakikpo terminal had successfully handled four export operations, cumulatively exporting over one million barrels of crude oil.
The terminal is the first new onshore crude oil export facility in Nigeria in more than 50 years, and notably the only one fully conceived, built, and operated by an indigenous Exploration and Production (E&P) company.
Professor Adegbulugbe described the terminal as a symbol of Nigeria’s indigenous ingenuity and technical excellence, proudly emphasising that it was completed in less than two years, ahead of schedule, and entirely by Nigerian talent.
The Otakikpo Terminal boasts a storage capacity of 750,000 barrels, expandable to three million barrels, and a pumping capacity of up to 360,000 barrels per day.
He emphasised that the project reflects indigenous ingenuity and technical excellence, noting that it was completed in less than two years, ahead of schedule, by 100 per cent Nigerian talent.He explained that the terminal has a storage capacity of 750,000 barrels, expandable to three million barrels, and a pumping capacity of up to 360,000 barrels per day.
Since June 2025, the terminal had completed four export operations, totaling over one million barrels of crude oil, he said.
He further stated that the terminal opened the door for more than 40 stranded oil fields in the region with reserves estimated at over 3 billion barrels, which could contribute more than 200,000 barrels per day to Nigeria’s production if fully developed.
Professor Adegbulugbe credited this achievement to the enabling policies under President Bola Tinubu’s Renewed Hope Agenda, including reforms brought about by the Petroleum Industry Act, which had fostered indigenous participation and enhanced energy security.
He also expressed gratitude to the minister of state for Petroleum, Dr. Heineken Lokpobiri, and regulatory bodies NUPRC and NMDPRA, for their support, clarity, and transparency that ensured the project’s timely delivery.He acknowledged the financial community for their faith in indigenous operators and thanked fellow E&P companies for their collaboration and belief in local capacity.
He remarked that the commissioning of the terminal was not the end but the beginning of greater transformation in Nigeria’s energy sector, urging industry players, government, and investors to build on this momentum to fully realise Nigeria’s energy potential.In conclusion, Professor Adegbulugbe dedicated the achievement to the workers, engineers, visionaries, and the Nigerian people who inspired it. He affirmed Nigeria’s readiness to lead, deliver, and define a new era of indigenous excellence in oil and gas .
Beyond immediate export gains, the terminal is a game-changer, unlocking potential for over 40 stranded oil fields in the region with an estimated 3 billion barrels of reserves. These fields could potentially add more than 200,000 barrels per day to Nigeria’s overall production once fully developed.
The chairman highlighted that the commissioning of the Otakikpo Terminal marks not an end but the beginning of a broader transformation in Nigeria’s energy landscape. He called on industry players, government, and investors to build on this momentum to fully harness Nigeria’s energy wealth for national benefit, encapsulating the spirit of the Renewed Hope Agenda.
Professor Adegbulugbe dedicated this historic achievement to the Nigerian workers, engineers, visionaries, and the people whose collective effort and inspiration have ushered in a new era of indigenous excellence in the nation’s upstream oil and gas sector.
He affirmed Nigeria’s readiness to lead and deliver globally competitive energy projects while defining its energy future independently.
Also speaking, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), chief executive officer, Engr. Gbenga Komolafe, the terminal is historic on two levels.
According to him, it expands Nigeria’s crude export infrastructure at a critical time and demonstrates the capacity of Nigerian operators to deliver world-class projects once thought possible only for international major players.
He further noted that the Otakiko terminal is significant to the present national crude oil production, that is, about 1.8million barrels, because the efficiency of evacuation and export is critical.
Komolafe also said that by creating an alternative export hub in Rivers State, the Otakikpo terminal reduces over-reliance on existing terminals, many of which are operating at near capacity and are exposed to security and pipeline challenges.
He said the industry’s indigenous operators have evolved to account for 30 per cent of the national production.
