President Bola Ahmed Tinubu says Nigeria’s energy sector is ripe for investment, boasting numerous opportunities driven by a fair regulatory environment and strategic initiatives.
Speaking at the 2025 Nigerian International Energy Summit (NIES) in Abuja, Tinubu emphasized the government’s commitment to creating a business-friendly environment through comprehensive tax reform policies.
These reforms, he explained, are designed to simplify the country’s tax regulations, offer incentives, and ensure a transparent and predictable fiscal framework.
The goal, he said, is to attract both local and international investors, phase out barriers to entry, and support business growth in the country.
“As many of you are aware, we are currently implementing a series of comprehensive reforms in our fiscal and tax policies,”
President Tinubu represented by the Minister of State for Finance, Doris Aniete said “These reforms are designed to create a more business-friendly environment and attract both local and international investments.”
Tinubu highlighted the investment landscape in Nigeria’s energy sector, citing opportunities in oil and gas exploration, renewable energy, and gas production and infrastructure development.
“Nigeria offers creative opportunities for investors to explore and develop new oil blocks,” he said. “Our commitment to improving security in oil and gas producing regions and streamlining regulatory processes has created a conducive environment for investment.”
In the area of renewable energy, Tinubu said Nigeria’s commitment to diversifying its energy mix presents significant opportunities in the renewable energy sector.
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The theme of the summit, “Bridging Continents: Connecting Investors Worldwide With Africa’s Energy Potential,” reflects the government’s efforts to attract investors and promote economic growth and development.
Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri said the International Oil Companies (IOCs) are not leaving Nigeria. He said the companies are only migrating to deep water offshore operations, stressing that they have no alternative to Nigeria.
“Nigeria is an investment destination. No IOC is leaving Nigeria. All the IOCs cannot find a better destination than Nigeria. They confirmed to me they are not leaving Nigeria and that the worst is they are leaving for the deep offshore.”
He said already out of the four Final Investment Decisions (FIDs) taken in the African oil and gas industry, three were in Nigeria. He noted that $20 billion in investments is on the way to Nigeria soon.
Lokpobiri also announced that the African Energy Bank with its headquarters in Nigeria will begin operations in the first quarter of 2025.
(Editor : Oloyede Oworu)
