Stakeholders in the oil and gas sector have insisted that the intention of the regulatory reforms may remain elusive unless the government is consistent and transparent.
The stakeholders spoke at the public presentation of the 2025 Investor Perceptions of Nigeria’s Regulatory and Policy Reforms in the Oil and Gas Sector Survey held in Lagos, which Arbiterz Conferences jointly conducted in collaboration with Good Governance Africa (GGA).
Founder of Arbiterz Conferences, Dr Abimbola Agboluaje, stated that investor perceptions are shaped as much by the structure of current reforms as by past setbacks.
“In future editions of the survey, respondents’ perceptions will increasingly be determined by the tangible outcomes of the Petroleum Industry Act and the Presidential Executive Orders—specifically, how effectively these reforms are implemented and the extent to which they drive genuine investment into the sector,” he said.
The findings suggest that Nigeria’s reforms have provided a degree of clarity, including streamlined licensing procedures and enhanced engagement between regulators and the private sector.
Executive Director of Good Governance Africa, Dr Ola Bello, emphasised the importance of data-driven dialogue in reshaping Nigeria’s investment narrative.
He noted that repositioning Nigeria as a credible destination for energy investment requires more than legal reforms; there must also be institutional trust, market predictability, and policy continuity.
“Nigeria’s economic diplomacy should place greater emphasis on engaging our domestic private sector to drive growth in oil and gas, while also attracting key international investors,” he said.
The Managing Director of SellyFak Energy, Stanley Fagbule, who stressed that investor sentiment should be seen not merely as feedback but as a call to action said Nigeria’s energy sector is at a crossroads.
He pointed out that Nigeria’s comparative advantages, its vast hydrocarbon reserves and recent policy shifts would only translate into tangible outcomes if supported by functional institutions and effective regulatory practices.
“The announcement of reforms is not enough. The message from investors is clear—they are watching for implementation, consistency, and transparency,” he said.
Managing Director of Africa Business Convention, Dr Ogho Okiti noted that the slow pace of implementation and fragmented regulatory oversight remain significant barriers to sectoral transformation.
He stressed that aligning oil and gas policy with national development goals is crucial to bolstering investor confidence, particularly in the gas sector, which holds immense promise. However, he warned against an overemphasis on macroeconomic fixes, arguing that sustainable development also requires coordinated policy execution, targeted incentives, and infrastructure investment.
“To attract serious investment, we must align oil and gas reforms with national goals, resolve foreign exchange constraints, and move beyond macro fixes to stimulate real sector growth—especially in gas,” he said.
Legal expert and partner at Bloomfield LP, Dr Ayodele Oni, highlighted the importance of certainty, enforcement, and institutional integrity. He argued that while reforms such as the PIA mark a positive shift, they must be accompanied by decisive execution and a dependable judicial and regulatory framework.
“Investors seek certainty and clarity. Without these, investment will not flow. It is essential that the right people are in the right positions to implement policies effectively, and that regulatory bodies and the judiciary collaborate to provide a stable investment environment,” he said.
Publisher of Africa Oil & Gas Report, Toyin Akinosho, said the sector is showing signs of progress, but not yet enough to inspire robust confidence.
He noted that while reforms are welcome, over half of the investors surveyed rated Nigeria’s progress as only “somewhat positive”.
He added that, in comparison to emerging markets such as Qatar, Nigeria still needs to demonstrate greater consistency in implementation, pointing out that exploration and production (E&P) investors are seeking action, not merely policy declarations.
“Investors want to see movement, not just momentum. Nigeria has compelling stories to tell, especially in gas, but we need to tell them boldly and back them with consistent action,” he said.
