From Adanna Nnamani, Abuja
Nigeria’s oil sector has received a boost as recent divestments by International Oil Companies (IOCs) unlocked over $5.5 billion in new investments and added 200,000 barrels per day to national output.
President Bola Tinubu said this during the Africa Energy Week, held recently in Cape Town, South Africa.
Represented by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, the President told investors that Nigeria is open for business and committed to creating a transparent and predictable operating environment under the Petroleum Industry Act (PIA).
A statement issued by Lokpobiri’s spokesperson, Nneamaka Okafor, on Thursday saying, “What makes Nigeria now different is the legal, regulatory, financial, and structural transformation we are delivering.
“These are not just transfers of assets, they are transfers of confidence, capability and ownership.”
The president pointed out that crude oil production has risen to between 1.7 and 1.83 million barrels per day, with July 2025 alone recording an additional 300,000 barrels daily through the “Project One Million Barrels” initiative.
“Additionally, the number of active drilling rigs has grown from 31 in January to 50 by July 2025, a clear signal that reforms are unlocking value across the sector,” he added.
Tinubu urged African nations to reduce dependence on imported petroleum products, noting that the continent spends over $120 billion yearly on imports despite holding vast hydrocarbon resources.
He called for part of Africa’s $4 trillion domestic capital to be invested in oil and gas infrastructure.
On the global energy transition debate, the president argued that oil remains central to Africa’s development.
“The focus should be on availability, accessibility and affordability of all forms of energy,” he said.
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