- The Nigerian government is appealing to foreign oil and gas contractors to return to the country
- The government’s goal is to attract investment to boost energy security and economic prosperity
- Minister Heineken Lokpobiri says President Tinubu’s government has created a more stable business environment
The Nigerian government is making a renewed push to attract foreign investment into its oil and gas sector. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has issued a public appeal for foreign Engineering, Procurement, and Construction (EPC) companies to return to the country.
Eko Hot Blog reports that the minister made his plea at the 2025 Nigeria Annual International Conference and Exhibition, organized by the Society of Petroleum Engineers
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Lokpobiri emphasized that the administration of President Bola Tinubu has been working diligently to create a more stable and investment-friendly business environment. He highlighted significant policy reforms, particularly those introduced by the Petroleum Industry Act, as key incentives for potential investors.
Consequently, these reforms, he noted, are aimed at positioning Nigeria as a “dependable and rewarding destination” for EPC companies.
The minister underscored the vital role these companies play in the energy sector. Their expertise is crucial for developing infrastructure, executing major projects, and transferring valuable technology.
Their past departure from Nigeria, which included companies like Willbros and McDermott, had a negative impact on the sector’s growth, especially in the exploration and development of deep-water oil blocks.
Lokpobiri’s call comes at a critical time. A recent report from the Nigerian Upstream Petroleum Regulatory Commission revealed that a staggering 220 oil blocks across the country are currently undeveloped.
The government’s appeal is a direct effort to address this challenge by inviting foreign companies to “reinvest, and become part of Nigeria’s renewed journey toward energy security and economic prosperity.
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