Category: Politics

The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, has disclosed that Nigeria went over a decade without attracting any new investments in the oil sector until the advent of President Bola Tinubu’s administration.

According to the minister, the stagnation crippled growth and weakened confidence in the industry, but recent reforms are beginning to restore investor interest.

The minister made this known in a statement signed by his Special Adviser on Media and Communication, Nneamaka Okafor, on Thursday, following his keynote address at the United States–Nigeria Council’s session on oil sector collaboration, held on the sidelines of the ongoing United Nations General Assembly in New York.

“At the heart of Nigeria’s renewed energy agenda is a clear and deliberate policy direction: to open our oil sector to deeper, smarter, and more strategic partnerships. The time to invest is not just now, it is ripe.

“Recall that for over ten years, prior to the coming of President Bola Ahmed Tinubu, Nigeria did not have any new investment in the oil sector, but with the reforms we have carried out, which have created an atmosphere that is globally competitive and attractive, we now have new investments running into billions of dollars”, the minister stated.

“All inactive blocks during the period of no investments are in the basket now and up for grabs. We have a longstanding relationship with the US and US companies; beyond these relationships, there are new opportunities for new investors, both in the upstream sector and other sectors.”

The minister noted that, under the leadership of Tinubu, Nigeria’s oil sector has witnessed significant progress over the past two years, including increased production output and a more attractive investment climate.

He urged global investors to seize emerging opportunities in Nigeria’s rapidly transforming oil industry, citing ongoing reforms, enhanced production capacity, and the country’s growing regional influence as key drivers of growth.

“Thanks to bold reforms and globally competitive fiscals, Nigeria has significantly ramped up production and repositioned itself as a dependable energy hub across West Africa and the continent,” he said.

]Lokpobiri attributed this transformation to the successful implementation of the Petroleum Industry Act, which he described as a “robust, investor-friendly legal framework” that is driving growth and restoring investor confidence.

He also emphasised Nigeria’s commitment to energy transition efforts, affirming that the country would continue to leverage its fossil fuel reserves to finance its energy mix, while adhering to international climate agreements.

“We are fully aligned with the Paris Agreement, and remain committed to cleaner, more sustainable exploration,” he said.

“Our doors are open, our laws are clear, and our environment is conducive; now is the time for U.S. and global investors to become part of Nigeria’s energy success story.”

The current administration has repeatedly assured international partners that Nigeria remains committed to energy transition goals, but argues that oil and gas revenues will play a crucial role in financing renewable energy expansion.

Recent policy shifts, such as the removal of fuel subsidies, efforts to deregulate the downstream sector, and renewed emphasis on gas monetisation, have also been positioned as signs of Nigeria’s seriousness in reforming its energy industry.

These reforms are part of the government’s efforts to attract $30bn in sectoral investments by 2027 and at least $60bn by 2030.

The Ogun State Governor, Dapo Abiodun, has said the fight against poverty and the pursuit of national development cannot be left to the government alone, stressing the need for collective responsibility by faith-based organisations, the private sector and individuals.

Abiodun made the call in Lagos on Tuesday while chairing the 12th Annual Public Lecture of The Foursquare Gospel Church Nigeria, themed “Poverty Alleviation, Economic Development and Stability of the Nigerian Economy,” held at The Marquee, Harbour Point, Victoria Island.

According to him, the complexity of governance makes it impossible for the government to carry the burden of development single-handedly.

“The burden of governance cannot be shouldered by government alone, and the church has effectively demonstrated this belief through its initiatives,” he said.

He commended Foursquare Gospel Church for going “beyond the pulpit” to provide social interventions through schools, hospitals, humanitarian outreaches and empowerment programmes that had impacted countless lives.

Abiodun added, “The problem of poverty requires economic stability which must be anchored on inclusive growth where opportunities are extended to all citizens, especially the vulnerable.

“Economic development and stability are two sides of the coin. Without stability, the economy is short-lived. Without development, poverty persists. As leaders, whether in the government, church or private sector, we must collaborate to break the cycle because poverty is not just an economic statistic, it is a human reality. We must care for the vulnerable.”

Earlier in his welcome address, the General Overseer of Foursquare Gospel Church Nigeria, Rev. Sam Aboyeji, said no nation could achieve development and stability without deliberately tackling poverty.

“Poverty is one of the greatest challenges confronting Nigerians today, and it can only be removed or minimised through a collective battle by government, faith-based organisations, committed parastatals, and individuals,” he said.

Aboyeji noted that with 70 years of continuous presence in Nigeria, the church considered it a “sacred duty” to contribute to national progress, hence its commitment to the annual lecture as a platform for intellectual discourse and policy engagement.

Delivering the lecture, Senior Fellow and Associate Professor at Lagos Business School, Dr Doyin Salami, lamented the volatility of the Nigerian economy, warning that the current 3.2 per cent growth rate was inadequate for poverty reduction.

According to him, Nigeria needed sustained growth of at least 6.5 per cent annually for a decade to achieve meaningful results.

“Recent data shows that increases in investment in Nigeria are not strong enough to stimulate growth. We must avoid the mistakes of the past and ensure that our investments are the kind that stimulate, support and drive development,” Salami said.

He recalled that Nigeria was ahead of China in poverty indices as far back as 1992, but by 1996 China had reversed its fortunes while Nigeria lagged behind.

He also warned that Nigeria’s reliance on services over industry was deepening its de-industrialisation and undermining prospects for sustainable growth.

The Labour Party presidential candidate in the 2023 general elections, Peter Obi, has expressed concern over the rising cases of attacks and killings of security personnel across the country.

Obi, in a post via his official X (formerly Twitter) handle on Tuesday, described the spate of violence against soldiers, policemen, members of the Nigeria Security and Civil Defence Corps, and vigilante groups as tragic and unacceptable.

The former Anambra State Governor stressed that the sacrifices of security operatives to the nation must not go unappreciated.

“The country has been thrown into mourning yet again with the reported tragic killings of our security personnel. Our men and women in uniform have paid the ultimate price in the line of duty, dedicating their lives to the safety and stability of our dear nation,” Obi said.

He urged leaders at all levels to take urgent steps to better equip and motivate security operatives, insisting that security must form the foundation of governance.

According to him, Nigeria cannot continue to bury its security personnel while abandoning their families. He stressed the need for adequate compensation and support for the dependents of fallen officers.

“Our government must rise to the responsibility of ensuring that the wives, children, and parents of these fallen heroes are fairly compensated and supported. That is the least a grateful nation can provide. It is not charity, it is justice,” Obi added.

The former governor offered prayers for the repose of the souls of the slain operatives and assured their families of solidarity and support.

“To every fallen hero, may your soul rest in perfect peace. Your sacrifice and patriotism will never be forgotten. And to the families left behind, you are not alone. May God continue to provide you with strength and comfort,” he concluded.