President Bola Tinubu Officially Declares Open 2025 Oil And Gas Energy Summit Open In Nation’s Federal Capital, Abuja With Assurance Of Creating Enabling Business Environment.

Nigeria’s President Bola Ahmed Tinubu on Tuesday announced that 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 the nation’s federal capital Abuja, Tinubu represented by minister of state finances, Doris Uzoka Anite emphasized government’s commitment to creating a robust business 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 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 said the 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 noted that Nigeria’s commitment to diversifying its energy mix presents significant opportunities in the renewable energy sector.

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.

Giving the oil industry address, the 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 announced that the African Energy Bank with its headquarters in Nigeria will begin operations in the first quarter of 2025.

He recalled how he was in Davos in January this year and he was told there was loan for oil and gas was available but he turned down the offer and told them Nigeria prefers investment to loan at the moment.

He attributed all the progress in the sector to the Executive Order from Tinubu last year. He urged the stakeholders to ignore the campaign about the energy transition, stressing there must be energy security before the energy transition.

Also Speaking, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari stated that with Nigeria’s embedded resources, the $1 trillion economy target of the federal government has become less ambitious and must be scaled up.

According to him, Nigeria is a major producer of petroleum products in Africa, placing it in an advantageous position to grow its economy beyond the $1 trillion target.

Kyari also noted the return of investors’ confidence in the Nigerian Petroleum industry, stating that the Tinubu-led administration has successfully introduced policies that ensure investors get returns for their investments.

“Investors have seen that when they put their money in our country today, in our businesses, particularly in the oil and gas sector, they can get back their money, they can get their returns, and there’s also a stable fiscal environment that will give them a long-term return on their investment,” Kyari said.

He explained that the nation’s gas resources were currently being harnessed to address the gaps in citizens’ access to clean cooking fuel and access to electricity. Kyari noted that for Nigeria, gas is not just a transition fuel but a better alternative fuel, hence the government’s commitment to developing gas infrastructure in the country, aimed at ensuring that gas is delivered to the domestic market.