Nigeria’s oil and gas sector is witnessing a major resurgence as the Federal Government approved 28 new Field Development Plans (FDPs) valued at $18.2 billion, unlocking an estimated 1.4 billion barrels of crude oil reserves in 2025 alone.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed this on Tuesday at the opening of the 2026 Nigeria International Energy Summit (NIES) in Abuja. The event was officially declared open by President Bola Tinubu, represented by Vice President Kashim Shettima, at the Presidential Banquet Hall, Aso Villa.
According to Lokpobiri, the approvals underscore a decisive turnaround in Nigeria’s petroleum sector under the Tinubu administration, marking a clear departure from years of declining production, stalled investments and capital flight.
“Between 2024 and 2025, four of the seven major Final Investment Decisions announced across Africa were in Nigeria,” the minister said, attributing the trend to policy clarity, consistency and deliberate leadership.
He noted that far-reaching reforms have repositioned Nigeria as a globally competitive, investment-ready energy destination, restoring confidence among international and local investors while unlocking billions of dollars in fresh capital.
Lokpobiri explained that Nigeria’s investment climate now allows the free movement of capital, in line with global best practices, enabling companies to invest and divest with confidence.
He highlighted the successful transfer of onshore and shallow-water assets from International Oil Companies (IOCs) to capable Nigerian operators, ranging from Shell to Renaissance, ExxonMobil to Seplat, and Eni to Oando, a move he said has boosted national output by an additional 200,000 barrels per day.
“These are not just asset transfers; they are transfers of confidence, capability and ownership,” he said, noting that divestments stalled for years were concluded in record time under President Tinubu’s leadership, delivering tangible production gains.
On the downstream front, the minister said the removal of fuel subsidies has stabilised the market and improved product availability, while commending indigenous investors such as Dangote and BUA for expanding refining and midstream infrastructure.
He added that licensing processes have been liberalised to promote transparency and fairness, while Nigeria’s newly launched West African Reference Market is expected to position the country as a refining hub for the Gulf of Guinea and the wider African region.
Looking beyond Nigeria, Lokpobiri revealed that Africa spends over $120 billion annually on hydrocarbon imports, describing it as a major economic drain. He called for stronger support for the African Energy Bank, headquartered in Nigeria, to mobilise capital for Africa-focused energy projects.
He stressed that Africa’s energy strategy must prioritise availability, accessibility and affordability, noting that projections from the International Energy Agency and OPEC indicate that fossil fuels will remain dominant for the foreseeable future.
“The story of Nigeria’s petroleum sector is being rewritten,” Lokpobiri declared, urging global investors to see Nigeria not just as a destination for capital, but as a long-term partner in driving Africa’s energy-led growth.
He said the full implementation of the Petroleum Industry Act (PIA) has delivered a stable fiscal framework, improved licensing, stronger regulation, host community protections and predictable contractual terms, while the Upstream Petroleum Operations (Cost Efficiency Incentives) Order 2025 has further enhanced competitiveness through targeted tax credits.
Lokpobiri also highlighted the success of Project One Million Barrels, launched in October 2024, which has raised Nigeria’s crude oil production to between 1.7 and 1.83 million barrels per day, an increase of about 300,000 bpd within one year.
Industry activity, he said, has rebounded strongly, with the number of active drilling rigs rising from 14 in 2023 to over 60.
Reinforcing the renewed investor confidence, the minister cited major Final Investment Decisions including Shell’s $5 billion Bonga North project, TotalEnergies’ $550 million Ubeta project, Shell’s $2 billion HI project, and Chevron’s $1.8 billion Panther project. He also revealed that Shell has announced plans for a $20 billion FID, with more projects expected in the near term.
For Nigeria, the message from NIES 2026 was clear: the country’s oil and gas sector is back on the global investment map, powered by reform, stability and renewed ambition.
