Investor confidence in Nigeria’s oil and gas industry is growing but is heavily dependent on how well ongoing reforms are implemented, according to findings from a newly released survey.
The 2025 Investor Perception Survey, conducted by Arbiterz Media, in collaboration with Good Governance Africa (GGA), was officially unveiled on April 17 at a media briefing in Lagos.
The survey offers timely insights as Nigeria gears up to host the ‘Pitching Nigerian Gas to Global Capital’ conference in September, a platform aimed at attracting international investments into the country’s energy sector.
The report revealed that while many investors acknowledge the progress made through policy reforms such as the Petroleum Industry Act (PIA) of 2021 and subsequent executive orders, they remain concerned about the country’s ability to deliver on those promises.
Approximately 75 per cent of respondents expressed positive views about the reforms, particularly applauding improvements in fiscal incentives, transparency measures, and streamlined regulatory processes. However, only 10 per cent indicated a “very positive” outlook, underscoring lingering doubts over the consistency and credibility of policy execution.
Speaking during the briefing, the Managing Director of SellyFak Energy Services Limited, Stanley Fagbule, noted that the gap between policy and implementation remains a major concern for investors.
He emphasised that while reforms on paper may look promising, true investor confidence will only be earned through visible and consistent action.
He said: “Investors are telling us plainly that they want transparency, continuity, and credible enforcement. The real work lies in execution.
“Let’s take this survey not just as feedback, but as a challenge and opportunity. Opportunity in chaos, let’s commit to building a more attractive, transparent, and prosperous oil and gas sector for Nigeria.”
The survey was designed to capture a broad range of perspectives across the oil and gas value chain. Consultants made up the largest share of participants at 58 per cent, followed by upstream operators at 18 per cent. Interestingly, 12 per cent of respondents were international stakeholders, signaling global interest in Nigeria’s energy sector reforms.
These responses provided a comprehensive overview of how both domestic and foreign players perceive the evolving policy environment.
Among the survey’s key findings was a clear sense that while the reforms are largely viewed as steps in the right direction, several barriers continue to undermine investor enthusiasm. Many respondents cited policy inconsistency, weak regulatory enforcement, and macroeconomic instability as significant roadblocks. Infrastructure challenges, currency exchange difficulties, and perceptions of corruption also featured prominently as concerns limiting investment appetite.
The gas sub-sector drew significant attention. Stakeholders highlighted the urgent need for more competitive pricing frameworks, tax incentives, and a stronger regulatory framework to support gas monetisation. Many believe that with the right reforms, Nigeria’s vast gas reserves could play a pivotal role in boosting domestic industrialisation and positioning the country as a major player in global energy markets.
