The President and Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria, His Excellency Bola Ahmed Tinubu GCFR has stated that investment landscape in Nigeria’s energy sector was brimming with opportunities, driven by a favourable regulatory environment and strategic initiatives aimed at attracting investors into the national economy.
Represented by the Minister of State, Ministry of Finance, Dr. Doris Uzoka-Anite, President Tinubu made the statement this Tuesday 25th February 2025 in Abuja at the 8th edition of Nigeria International Energy Summit (NIES 2025) with the theme: “Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential”.
In his opening address, President Tinubu stated that his administration has remained resolute in driving reforms and milestones in Nigeria’s energy sector and the economy at large. These reforms have liberalized the economy, making it an investment destination of choice. “The removal of Premium Motor Spirit (PMS) subsidy and Foreign Exchange (FX) liberalisation are two main reforms of this administration in its first year”. He said.
To ensure that the local Refineries are very competitive thereby lowering the cost of retail price of Petroleum products for the populace, Tinubu informed that his administration introduced the sale of crude oil in Naira. This strategic move not only enhances the operational efficiency of local refineries by reducing foreign exchange risks and transaction costs, but also fosters a stronger and more stable domestic market.
He highlighted some of the key achievements that positioned Nigeria’s Economy as a global energy powerhouse to include: the selection of Nigeria as a host country for the headquarters of the African Energy Bank (AEB). Winning of that hosting right was holistic milestone in the nation’s energy sector. This milestone underscores this administration’s dedication to energy security, economic growth, regional cooperation, ensuring brighter and more prosperous future for all Nigerians and Africans.
The launch of the Presidential Executive Order on Oil and Gas Sector Reforms has streamlined processes, fast tracked licencing rounds and encouraged Indigenous participation, thereby fostering local content development.
The President reiterated that the administration’s resolute determination towards the completion and operationalisation of key gas infrastructure, including the Ajaokuta Kaduna Kano (AKK) gas pipeline will strengthen the nation’s capacity to supply clean energy to industries and households, while boosting regional energy security, in addition to creating jobs for our unemployed youths.
He also explained that the administration will continue to remove the bottlenecks and red tape that block investments adding that the country has started seeing more investment flows through the creation of enabling environments and regulations coupled with the policies to support the investment flow.
Delivering his gas industry address, the Honourable Minister of State Petroleum Resources (Gas) Rt. Hon. Ekperikpe Ekpo said that over the past two years Nigeria’s Gas sector has undergone remarkable transformation, marked by substantial advancements in infrastructure, policy reforms, gas utilization, and domestic initiatives. “These milestones highlight our unwavering commitment to the renewed hope agenda of President Bola Ahmed Tinubu administration through maximizing our abundant natural gas resources to drive economic growth, enhance energy security, and support the global transition towards cleaner energy solutions.” He stated.
Ekpo maintained that Nigeria was steadfast in its commitment to leveraging natural gas as a catalyst for economic growth, industrialization, energy transaction and encouraged the audience to seize the opportunity to forge new partnerships, explore innovative financing mechanisms and accelerate the development of Nigeria’s gas sector.
In the Oil industry address delivered by the Honourable Minister of State Petroleum Resources (Oil) Senator Heineken Lokpobiri stated that the establishment of African Energy Bank (AEB) and having its headquarters situated in Abuja was one of the major achievements of President Tinubu’s administration in the Oil and gas sector, noting that the bank will provide solutions to every investment option in Africa.
Lokpobiri also stated that Nigeria currently progressed to producing 1.8 million barrels of crude oil per day as against the 1 million barrels produced the previous years.
The International Oil companies (IOCs) according to Lokpobiri are not leaving Nigeria, instead they are moving into deep offshores contrary to wrong impression that was created.
Earlier in his welcome address, the Permanent Secretary, Ministry of Petroleum Resources, Amb. Nicholas Agbo Ella informed his audience that Nigeria International Energy Summit (NIES) has been endorsed by the highest levels of government, and has consistently served as a catalyst for energy policy evolution, market driven strategies, and sustainable development.
Amb. Ella cited the International Energy Agency (IEA) report which stated that Africa’s Energy demand was expected to grow by 60% by 2040, driven by population growth, urbanisation and industrialization. This, according to Ella underscores the urgency and importance of summits like NIES, where critical stakeholders convene to co-create pathways that balances energy security, affordability and sustainability.
Goodwill messages were delivered by the Secretary General of Organisation of Petroleum Exporting Countries (OPEC), His Excellency Haitham Al Ghais, Secretary General, African Petroleum Producers Organisation (APPO), His Excellency, Omar Farouk Ibrahim and Secretary General, Gas Exporting Countries Forum, His Excellency, Mohamed Hamel.
Signed
Christopher Ugwuegbulam
Head Press and Public Relations Unit.
