Nigeria recorded a major oil and gas investment breakthrough in 2025 with the signing of 28 new field development plans valued at $18.2 billion, carrying an estimated production potential of 1.4 billion barrels of oil, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said Tuesday.
Lokpobiri made the disclosure while delivering his ministerial address at the opening of the 9th Nigeria International Energy Summit in Abuja. He said Nigeria has emerged as Africa’s leading destination for oil and gas investment, accounting for four of the seven major final investment decisions announced on the continent between 2024 and 2025.
The Nigeria International Energy Summit is the federal government’s annual platform for energy policy dialogue and investment promotion. This year’s summit is themed “Energy for Peace and Progress: Securing Our Shared Future.”
According to Lokpobiri, the investment inflow was driven by deliberate reforms, improved policy clarity and stronger governance, which he said have helped restore investor confidence in Nigeria’s energy sector after years of stalled projects and declining output.
“In 2025 alone, 28 new field development plans worth $18.2 billion were signed, with the potential of 1.4 billion barrels of oil,” Lokpobiri said. “Between 2024 and 2025, of the seven major final investment decisions announced across Africa, four were in Nigeria.”
He said the renewed capital inflow signaled Nigeria’s return to the global energy investment landscape, noting that recent fiscal, regulatory and operational reforms were beginning to produce measurable results.
Lokpobiri said Nigeria’s upstream oil sector was in distress when the current administration took office, marked by falling production, investor apathy and the absence of major new projects for more than a decade.
He attributed the turnaround to the full implementation of the Petroleum Industry Act, which he said has provided a stable fiscal framework, clearer licensing processes, stronger regulation and more predictable contract terms.
The minister said cost pressures in the upstream sector were also addressed through the Upstream Petroleum Operations (Cost Efficiency Incentives) Order 2025, which offers tax credits and reduces operating costs for producers.
Lokpobiri added that the launch of Project One Million Barrels in October 2024 had delivered tangible results within a year, lifting Nigeria’s crude oil production to between 1.7 million and 1.83 million barrels per day, representing an increase of about 20 percent over previous output levels.
The address was delivered before an audience that included regional leaders and industry stakeholders, among them Gambian President Adama Barrow.
