UNGA: After years of stagnation, Nigeria revives oil sector for global players

Femi Fabunmi

Nigeria has opened previously unused oil blocks to investors and is looking for strong international partners to restart production on them.

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, revealed this while speaking at the United States–Nigeria Council’s session on oil sector collaboration during the United Nations General Assembly (UNGA) 2025 in New York.

He explained that for over 10 years before President Bola Tinubu came to office, no new investments entered the oil sector.

But reforms introduced by the government have now created a competitive and attractive environment. “We now have new investments worth billions of dollars,” he said.

According to him, all the inactive oil blocks from the period without investment are now available and working, and he encouraged investors to move quickly to take advantage of the opportunity that it presents

Lokpobiri stressed that Nigeria’s oil sector is undergoing a transformation:

“Our renewed energy agenda is built on opening the sector to smarter and more strategic partnerships. The right time to invest is now.”

Continuing , he added that thanks to reforms and better fiscal policies, Nigeria has increased oil production and positioned itself as a reliable energy hub in West Africa and beyond.

The minister praised the Petroleum Industry Act (PIA) for reviving the sector, describing it as a strong and investor-friendly legal framework that has restored confidence and is driving growth.

On energy transition, he assured that Nigeria remains committed to global climate goals: “We are fully aligned with the Paris Agreement and committed to cleaner, more sustainable exploration.

Our laws are clear, our environment is supportive, and the doors are open for U.S. and global investors to join Nigeria’s energy success story.”

Lokpobiri’s remarks reflected the government’s efforts under President Tinubu to attract foreign investment and strengthen Nigeria’s role in the global oil market.