Nigerian Ministers Seek International Investment at Abu Dhabi Conference

Two Nigerian ministers called on international investors to consider opportunities in Nigeria’s oil and gas industry during the Abu Dhabi Petroleum Exhibition and Conference in the United Arab Emirates on Monday.

Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), emphasized that Nigeria is a stable and attractive location for investment. He noted that the ongoing crisis in the Strait of Hormuz does not impact Nigeria’s investment potential due to its geographical position.

Lokpobiri highlighted Nigeria’s long history in oil production, stating that the country has been producing oil and gas for over 70 years. He described Nigeria as a mature market, making it a preferable choice for infrastructure investments. He also mentioned recent tax incentives from President Bola Ahmed Tinubu, valued at $50 billion, aimed at encouraging investment in deep offshore projects.

According to Lokpobiri, Nigeria’s oil production has increased to about 1.8 million barrels per day, up from 1 million barrels per day in recent years. He pointed out that international investors are showing interest from regions including the Middle East, Asia, the United States, and Europe.

In a separate session, Minister of State for Petroleum Resources (Gas) Ekpo urged stakeholders to invest in resilient infrastructure. He reported that Nigeria’s gas reserves have grown to 215 trillion cubic feet, up from 209 trillion cubic feet last year. Ekpo stressed the importance of natural gas in ensuring energy security and driving economic growth.

Both ministers expressed confidence in Nigeria’s oil and gas sector, encouraging international stakeholders to invest in the country’s future.