Nigeria’s federal government is aggressively courting global investors to fuel its oil industry’s growth, highlighting recent gains from asset sales by major international firms. Over the past three years, companies like Shell, ExxonMobil, and Chevron have divested onshore and shallow-water operations, shifting focus to deeper offshore projects.
During a keynote speech on behalf of President Bola Tinubu at the Africa Energy Week conference in Cape Town, South Africa, on October 2, 2025, Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), announced these production gains. He described the divestments as more than mere asset handovers, calling them “shifts in trust, skills, and control” that have swiftly mobilized billions in funding.
In a statement released this Thursday, October 2, by his special assistant on media and communication, Nneamaka Okafor, Lokpobiri reaffirmed the administration’s dedication to fostering an open, reliable, and welcoming environment for investors, drawing in sustained funding for the sector’s stability.
This has empowered local players such as Seplat Energy, Oando, and Heirs Holdings to take over key stakes, driving a surge in domestic involvement.
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These transitions have delivered tangible results. Crude oil production has climbed by about 200,000 barrels per day, thanks to the influx of over $5.5 billion in new capital within just a few months. Drilling activity has also ramped up, with active rigs increasing from 31 in January 2025 to 50 by July 2025.
A pivotal boost came from the Nigerian Upstream Petroleum Regulatory Commission’s “Project One Million Barrels,” launched in October 2024. The initiative has lifted daily output to between 1.7 and 1.83 million barrels, including a sharp 300,000-barrel daily jump in July 2025.
It bears mentioning that Lokpobiri called the event “a call to action,” urging African nations to harness their $4 trillion in domestic funds like pension and insurance pools to cut reliance on costly hydrocarbon imports, which exceed $120 billion yearly continent-wide.
“The question is no longer about the availability of funds, but how we can channel them into productive investments,” he stated. He stressed prioritizing energy that is available, accessible, and affordable, while building local value chains and infrastructure.
Nigeria offers “opportunities at scale, reform with consistency, incentives with clarity, local participation with respect, and a vision that modernises with purpose,” the minister added. He extended a direct invitation: “Come to Nigeria. Be part of the energy revolution.”
