Oil Minister Heineken Lokpobiri has expressed appreciation to President Bola Tinubu for his leadership in addressing the “longstanding investment bottlenecks” that had hindered the progress of the country’s energy sector.
He said achieving a production increase from the 1 million barrel per day from the time the Tinubu administration assumed office to the current 1.8mbpd was due to the President’s directive to ramp up production on a sustainable basis.
Lokpobiri stated this while speaking during the Inter-Ministerial/Energy Leadership Roundtable at #NIES2025, with the subtheme—“Catalyzing Global Investment: Policy Pathways to Unlock Africa’s Energy Potential.”
He however added that the increase in oil production would not have been possible without significant additional investments from industry players.
The minister further stressed that the Tinubu-led federal government has created an investment-friendly environment that attracts global and local capital into the energy sector by the full implementation of the Petroleum Industry Act (PIA) as well as the full deregulation of the downstream sector.
According to Lokpobiri, “Achieving a production increase from the 1mbpd we met upon resumption to the current 1.8mbpd, inclusive of condensates, would not have been possible without significant additional investments from industry players.
“I must extend profound appreciation to President Bola Ahmed Tinubu, whose decisive leadership swiftly addressed longstanding investment bottlenecks that had hindered the sector’s progress.
“From the issuance of targeted Executive Orders to the full implementation of the Petroleum Industry Act (PIA) and full deregulation of the downstream sector, we have created an investment-friendly environment that continues to attract global and local capital into the energy sector,” he stated.
The oil minister also said it was proactive of the continent to establish the Africa Energy Bank which he said “has galvanized access to funding, empowering indigenous investors to compete favourably with International Oil Companies (IOCs) across all industry streams.
“This momentum is projected to be sustained, ensuring long-term growth and resilience in Africa’s energy sector.”
