Nigeria: oil sector to attract $5 billion in investment this year

The federal government has announced that oil and gas companies are expected to invest around $5 billion in Nigeria this year. The announcement was made at the ongoing oil and gas sector retreat organized by the Federal Ministry of Petroleum Resources in Abuja. It was stressed that measures were underway to make the operating environment more attractive to investors.

Speaking at the retreat, the Minister of State for Petroleum Resources (Petroleum), Heineken Lokpobiri, said that one of his ministry's priorities was to increase crude oil production. He stressed the importance of attracting investment to achieve this goal, highlighting the collaboration between the FMPR, its agencies and the Nigerian National Petroleum Company Limited (NNPCL) to stimulate investment and resolve pipeline security and vandalism issues.

To encourage further investment in the industry, Lokpobiri stressed the need for a globally competitive regulatory framework, noting that investor interest in the Nigerian oil and gas sector remained high.

NNPCL Group CEO Mele Kyari also spoke at the 2024 Women in Energy, Oil and Gas Strategic Summit in Abuja, revealing that less than 60% of Nigerians enjoy stable access to electricity. He emphasized the crucial role of energy in economic development and outlined NNPCL's vision for a decade ahead, focusing on exploiting gas resources, increasing crude oil production and expanding the company's renewable energy activities.

As for the President of Women in Energy, Oil, and Gas, Oladunni Owo, she explained that International Women's Day was integrated into International Women's Month to recognize the achievements of women irrespective of national, ethnic, linguistic, cultural, economic or political divisions. This recognition is an integral part of the activities of Women in Energy, Oil, and Gas (WEOG), as stipulated in its charter since its foundation.