Nigeria has urged international investors to take advantage of reforms in its oil sector, with the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, saying the country has created an environment that is “globally competitive and attractive.”

Speaking at a United States–Nigeria Council session on oil collaboration in New York on the sidelines of the 80th United Nations General Assembly, Lokpobiri said Nigeria is seeking “deeper, smarter, and more strategic partnerships” to unlock new investment.

“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,” Lokpobiri said. “The time to invest is not just now — it is ripe.”

The Minister explained that for over a decade, prior to the administration of President Bola Ahmed Tinubu, Nigeria had not attracted new oil investments.

According to him, recent policy changes have already reversed the trend.

“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,” he stated.

“All inactive blocks during the period of no investments are in the basket now and up for grabs.”

He added that while Nigeria has a long history of working with American companies, new opportunities are available in both upstream and downstream sectors.

A statement signed by his media aide, Nneamaka Okafor, noted that the reforms are anchored on the Petroleum Industry Act (PIA), which Lokpobiri described as a “robust, investor-friendly legal framework” that has helped ramp up production and restore confidence in the sector.

“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 also stressed that while oil remains central to Nigeria’s economy, the government is aligning its energy policies with global climate commitments.

“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.”