The federal government has reassured global business leaders of its commitment to maintaining a healthy fiscal, legal, and enabling business climate in Nigeria in order to attract local and international investment, stimulate economic development, and generate employment.
It further stated that the launch of crude oil sales in Naira was a deliberate decision to improve operational efficiency of local refineries by lowering foreign exchange risks and transaction expenses.

This was announced by President Bola Tinubu on Tuesday when he formally opened the eighth Nigeria International Energy Summit (NIES 2025) in Abuja.
“Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential” is the subject of the 2025 summit.
The president reaffirmed his everlasting faith in Nigeria’s capacity to emerge as a major player in the world energy sector, as indicated by Dr. Doris Uzoka-Anite, Minister of State for Finance.

Strategic reforms, creative policies, and an unwavering dedication to sustainable development, he said, are responsible for this promise. “I continue to have faith in Nigeria’s ability to become a major global force in the energy sector,” he said.

He noted some key assurances made regarding investments in Nigeria, including better infrastructure, a more straightforward regulatory framework, security, incentives for investment, and sound governance.
Speaking about the sale of crude oil, Tinubu claimed that the action had also strengthened and stabilized the local market.

Speaking about the sale of crude oil, Tinubu claimed that the action had also strengthened and stabilised the local market.
“We started selling crude oil in Naira to make sure the local refineries are highly competitive, which will lower the retail price of petroleum products for our people.”We are strengthening the local currency and building a more robust economy by denominating crude sales in Naira.
It is anticipated that this strategy would make petroleum products more reasonably priced for our people, raising their standard of life and promoting economic expansion in the process.

The President stated, “This will also lessen the effects of the removal of fuel subsidies.”

Speaking about the sale of crude oil, Tinubu claimed that the action had also strengthened and stabilized the local market.
“We started selling crude oil in Naira to make sure the local refineries are highly competitive, which will lower the retail price of petroleum products for our people.”We are strengthening the local currency and building a more robust economy by denominating crude sales in Naira.
It is anticipated that this strategy would make petroleum products more reasonably priced for our people, raising their standard of life and promoting economic expansion in the process.

The President stated, “This will also lessen the effects of the removal of fuel subsidies.”

According to him, the nation’s oil and gas industry is experiencing a rebirth in 2025, marked by groundbreaking projects and important turning points.
He said that for over two years, his administration had stayed committed to promoting reforms and significant achievements in Nigeria’s energy industry and overall economy.
He said that these changes, which included the elimination of the gasoline subsidy and the deregulation of foreign exchange, two of the administration’s primary first-year reforms, had opened up the economy and made it a desirable place for investment.

Highlighting some key achievements that positioned the economy as a global energy powerhouse, he said Nigeria’s selection as a host country for the headquarters of the African Energy Bank was a historic milestone in the sector.

He said the accomplishment confirmed Nigeria’s commitment to promoting sustainable development throughout the continent and its leadership in Africa’s energy landscape.
Through the acquisition of this esteemed establishment, we have established Nigeria as the centre for energy funding, encouraging investment, creativity, and employment growth.This accomplishment demonstrates our commitment to regional collaboration, economic expansion, and energy security, guaranteeing a better, more prosperous future for all Nigerians and Africans.

Investors have returned to our oil and gas industry as a result of the extensive executive directives we have issued.

“In the upstream sector, we have witnessed increased crude oil production owing to strategic interventions in security, development and investment incentives,” the President said.

He said that the Presidential Executive Order on Oil and Gas Sector Reforms’ implementation expedited licensing rounds, simplified procedures, and promoted indigenous involvement, all of which promoted the creation of local content.
He said, “We are open to receiving more of these exciting announcements. We have seen an increase in investment announcements and innovative ways to support the oil and gas sector.”
While declaring his commitment to seeing important gas projects completed and operationalised, including as the Ajaokuta Kaduna Kano Gas Pipeline Project, Tinubu claimed that doing so would increase the ability to provide clean energy to homes and businesses.

According to him, the Presidential Compressed Natural Gas Initiative (P-CNGI) is revolutionising the transportation industry by decreasing reliance on a single fuel source, which used to be fuel.

“The administration is currently implementing several comprehensive reforms in the fiscal and tax policies to attract both domestic and foreign investments and create a more business-friendly environment,” he said.
To eliminate obstacles to entrance and promote the expansion of enterprises in Nigeria, he added, the revisions sought to streamline tax laws, provide incentives, and guarantee a more transparent and predictable fiscal environment.
He said that these steps will increase our country’s economic growth and prosperity and to make it simpler for businesses to invest and operate there.

He stated that with the start-up of the Port Harcourt and Warri refineries, the country now has more refining capacity to process crude and supply these products to Nigerians at lower costs.
“We are actively developing a hydrogen policy to attract investors and integrate hydrogen in our energy mix,” he commented.
The Federal Government also stated that Nigeria’s oil and gas industry has undergone considerable transition since the implementation of the Petroleum Industry Act (PIA) in 2021.

In his speech, the Honourable Minister of State for Petroleum Resources, Ekperikpe Ekpo, emphasised the notable achievements made thus far, such as the successful Commercialisation of the Nigerian National Petroleum Corporation (NNPC), the establishment of host community development trusts, and the issuance of the first petroleum exploration licence under the PIA. These achievements illustrate the government’s commitment to create a more competitive and transparent oil and gas sector.
He stated that the gas industry has also seen extraordinary transformation, with significant advances in infrastructure, regulatory reforms, gas utilisation, and local efforts.

According to him, “Over the past two years, Nigeria’s gas sector has undergone a remarkable transformation, marked by substantial advances in infrastructure, policy reforms, gas utilization, and domestic initiatives.”

His own words: “Over the past two years, Nigeria’s gas sector has undergone remarkable transformation, marked by substantial advancements in infrastructure, policy reforms, gas utilisation, and domestic initiative.”These milestones demonstrate our unwavering commitment to President Bola Ahmed Tinubu’s renewed hope agenda by leveraging our abundant natural gas resources to drive economic growth, improve energy security, and support the global transition to cleaner energy solutions.
In recognition of natural gas as a catalyst for Nigeria’s economic growth, the Minister pointed that President Bola Ahmed Tinubu has reaffirmed the government’s commitment to the Decade of Gas initiative.

The policy aims to position Nigeria as a leading gas-powered economy by 2030 through infrastructure expansion, increased domestic utilization, and export growth.

He noted that Tinubu administration has reaffirmed its commitment to the Decade of Gas initiative, aiming to position Nigeria as a leading gas-powered economy by 2030.

According to him, Key Projects and Initiatives: Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline: A 614-kilometer pipeline is expected to enhance gas supply to industrial and commercial hubs, stimulate industrialization, create jobs, and attract investments.

Also, the UTM Offshore Limited’s Floating LNG Plant: A project that will process gas from Seplat’s Oil Mining Lease 104, producing 2.8 MTPA of LNG and 500,000 metric tons of LPG.

Brass Fertilizer and Petrochemical Plant: An agreement between Nigeria and international energy giants to supply 270 million standard cubic feet of gas per day, generating $1.5 billion annually in export revenue. Nationwide CNG Initiative; a program aimed at providing cost-effective and environmentally friendly transportation alternatives, with over 100,000 vehicles targeted for conversion and a $200 million investment in CNG infrastructure.

These initiatives demonstrate Nigeria’s commitment to leveraging natural gas for economic growth, industrialization, and energy transition. As the country continues to develop its gas sector, it is poised to become a global energy hub and drive Africa’s economic renaissance, she said

On his part, Hon. Minister of State, Petroleum Resources (oil), Sen. Heineken Lokpobiri pointed out that the theme of this year’s summit proves the pivotal role that Africa, and indeed Nigeria, plays in shaping the future of global energy.

Lokpobiri explained further that the theme highlights the critical need to bridge geographical, economic, and technological gaps to unlock Africa’s energy potential.

According to him, it signifies the importance of connecting global investors to opportunities within Africa’s vast energy landscape. “This theme is timely, as the world faces an urgent need to diversify energy sources, ensure energy security, and foster collaboration in meeting global demand”

“For Nigeria, this summit represents an opportunity to demonstrate our leadership in driving energy solutions that benefit the continent and contribute to the stability of the global energy market”.

“As the largest oil producer in Africa and a key player in the global energy market, Nigeria has remained unwavering in her commitment to energy development. Over the past two years, the oil industry in Nigeria has undergone significant transformation marked by historic milestones and progressive reforms aimed at ensuring energy security, enhancing domestic refining capacity, attracting investments, and optimizing revenue generation.

“Permit me to spotlight some of the remarkable achievements and key developments within our petroleum sector.

We have witnessed an increase in oil production, which, for the first time in years, we met our OPEC quota, and if you add condensates, we are currently producing approximately 1.8 million barrels per day. While this marks significant progress from where we began, the efforts of this administration recognize that we are still far from where we aspire to be”

“We have also witnessed the successful granting of ministerial consent for several significant acquisitions of international oil company (IOC) assets by indigenous companies.

Oando Petroleum and Natural Gas Company Limited secured approval to acquire a full equity stake in Nigerian Agip Oil Company (NAOC) from Italy’s ENI. Chappal Energies, through its project vehicle Odinmim, obtained consent to acquire Equinor Nigeria’s assets, including an interest in OML 128 and a stake in the Agbami Oil Field operated by Chevron. Additionally, Seplat Energy received ministerial approval and finalized its acquisition of Mobil Producing Nigeria Unlimited (MPNU), a subsidiary of ExxonMobil.

Significantly, the Minister said “under the decisive leadership of His Excellency President Bola Ahmed Tinubu, we have completed them, thereby expanding the footprint of indigenous players in our oil and gas sector. So far, their increasing production levels are already signalling a promising future.

These approvals and acquisitions signify a strategic shift, with indigenous companies increasingly taking over assets from IOCs to enhance local participation and boost production in Nigeria’s oil and gas industry”.

Worthy of note Is the investment made by operators in the petroleum sector. One notable example is the final investment decision by Shell Nigeria Limited to invest 5 Billion Dollars in Bonga North.

“I can assure you that in the coming months, we will witness even more groundbreaking announcements. (take a short pause)” the Minister assured.

However, Lokpobiri said this would not have been possible without the investment-friendly policies of His Excellency President Bola Ahmed Tinubu led Government, whose executive order has reduced contracting cycles, implemented sustainable practices that promote regulatory transparency and improved investors’ confidence, provided better fiscals and other incentives that have once again made the Nigerian Petroleum industry; the leading investment destination in Africa. 

Earlier in his welcome address, Permanent Secretary, Ministry of Petroleum Resources, Amb. Nicholas Agbo recounted that NIES has evolved into Nigeria’s flagship energy platform, cementing its status as the country’s only government-sanctioned oil and gas summit, Since its inception in 2018.

Endorsed at the highest levels of government, NIES has consistently served as a catalyst for energy policy evolution, market-driven strategies, and sustainable development.

Amb. Agbo said the summit’s success is evident in its growth from a national gathering into a globally recognized platform that bridges continents and sectors; as

the past seven editions have set a strong foundation for the 8th Edition, instilling confidence in NIES 2025’s potential.

He pointed out that the theme serves as a global call to action for cooperation and strategic investments.

According to him, Africa, with its vast energy resources, is at a crossroads of immense opportunities and the global push for sustainable energy solutions.

Nigeria, as the continent’s largest oil producer and a leading gas powerhouse, is committed to playing a pivotal role in this evolving energy landscape.

“In line with our commitment to advancing Africa’s energy security and growth, I am pleased to highlight Nigeria’s ongoing efforts to establish the African Energy Bank (AEB).

This landmark initiative, spearheaded by the Ministry of Petroleum Resources in collaboration with the African Petroleum Producers Organization (APPO), aims to create a dedicated financial institution focused on unlocking energy investments across the continent”

The AEB will serve as a vital funding vehicle to bridge Africa’s energy infrastructure gaps, catalyze upstream, midstream, and downstream projects, and drive sustainable energy solutions that align with the continent’s unique needs, he said.

These initiatives demonstrate Nigeria’s commitment to leveraging natural gas for economic growth, industrialization, and energy transition. As the country continues to develop its gas sector, it is poised to become a global energy hub and drive Africa’s economic renaissance.