Tinubu Has Made Nigeria Investment-friendly, Minister Says

The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, has begged Equipment, Procurement, and Construction companies that have departed Nigeria’s oil and gas sector to return.

Lokpobiri made the plea on Monday at the 2025 Nigeria Annual International Conference and Exhibition organised by the Society of Petroleum Engineers, Nigerian Council. According to him, the President Bola Tinubu government had worked hard to make Nigeria an investment-friendly country.

“I would like to use this opportunity to make a strong case to Engineering, Procurement, and Construction companies that have previously operated in Nigeria and have since exited. The current administration has worked tirelessly to ensure a more stable and investment-friendly business environment,” he said.

The oil minister said the government recognised the role played by EPC companies in the energy sector, urging them to return to Nigeria, which he called a dependable and rewarding destination for them.

“With reforms given by the Petroleum Industry Act and other strategic incentives, Nigeria is positioned as a dependable and rewarding destination for EPC companies. We recognise the pivotal role EPC companies play in infrastructure development, project execution, and technology transfer within the energy sector. Therefore, we invite you to return, reinvest, and become part of Nigeria’s renewed journey toward energy security and economic prosperity,” Lokpobiri said.

Nigeria used to be a host to a number of EPC companies like Willbros, McDermott, and others. It was learnt that the lack of enough EPC contractors is affecting the sector, especially in the deep water blocks.

Speaking at the Cross Industry Group meeting in Florence, Italy, recently, Lokpobiri had expressed concerns over the high number of idle and undeveloped oilfields in Nigeria, warning International Oil Companies that they risked losing underutilised assets.

He said the Tinubu administration had created a favourable investment environment and that IOCs must now make decisive financial commitments to increase production. At the meeting, IOCs reportedly pointed to the challenges posed by EPC contractors as a major hindrance to project execution.

About 220 oil blocks across the are lying fallow in different onshore and offshore basins across the country. A report by the Nigerian Upstream Petroleum Regulatory Commission said 59 of these are in the deep offshore.

Speaking on the theme of the NAICE conference, ’Building a Sustainable Energy Future: Leveraging Technology, Supply Chain, Human Resources, and Policy’, Lokpobiri stated that at a time when the global energy landscape is being shaped by a complex interplay of forces, geopolitical tensions, supply chain disruptions, currency fluctuations, climate concerns, and growing contestations over resource access, it is critical that stakeholders come together to find sustainable solutions.

“Technology remains one of the most delicate issues we have to address in the global energy crisis. As the world transitions towards cleaner energy sources, innovation must continue. From advanced of sophisticated acquisition to non-invasive techniques like airborne surveys, technology is making exploration more precise, environmentally conscious, and cost-effective.

“Furthermore, with the rise of artificial intelligence, we are seeing a transformation in how oil and gas operations are managed, delivering high productivity at lower costs, and improving our ability to serve national development goals,” Lokpobiri said in the speech read by one of his aides.

While Africa continues to explore and develop petroleum resources to generate revenue and support a balanced energy mix, the minister said it is essential that the continent builds the human capacity needed to drive and sustain the growth.

He added that the federal government is committed to training and equipping Nigerians with the requisite skills to remain competitive and capable in today’s evolving energy space.