Minister of State for Petroleum Resources, Heineken Lokpobiri has said Nigeria emerged as the primary destination for major energy capital in Africa, securing four out of the seven largest Final Investment Decisions (FIDs) announced across the continent between 2024 and 2025.
Mr Lokpobiri, who spoke at the Nigeria International Energy Summit in Abuja on Tuesday, disclosed that 28 new field development plans worth $18.2bn were signed last year.
“Between 2024 and 2025, of the seven major FIDs announced across Africa, four were in Nigeria. This did not happen by accident; it is the result of steady work, policy clarity, and better governance,” he said.
According to him, the oil sector struggled with production and capital flight for more than a decade but that has now changed. He attributed the turnaround to the full implementation of the Petroleum Industry Act (PIA) and the Upstream Petroleum Operations (Cost Efficiency Incentives) Order 2025, which introduced tax credits to lower unit operating costs.
The reforms are translating into immediate gains. Since the launch of “Project One Million Barrels” in October 2024, crude oil production has climbed to between 1.7 million and 1.83 million barrels per day.
“In less than a year, production rose to between 1.7 and 1.83 million barrels per day, up by roughly 300,000 barrels in July 2025 alone,” the Minister said. “The number of active rigs jumped from a paltry 14 in 2023 to over 60 as of today. These are signs that the reforms are working.”
The Minister also noted that the swift completion of asset divestments by International Oil Companies (IOCs) to local firms added another 200,000 barrels per day to the national output, signaling a new era of domestic participation in the sector. Over the last two years, President Tinubu approved several stalled divestment deals involving upstream assets previously owned by TotalEnergies and Eni. EFA
