Foreign investor teams have dedicated $21bn to Nigeria’s oil, gasoline sector -Heineken Lokpobiri

 Heineken Lokpobiri, Minister of State for Petroleum Resources (oil), says the federal authorities has secured funding commitments
value $21 billion from overseas investor teams for Nigeria’s oil and gasoline
sector.

 

He introduced the event on Monday in Lagos on the forty fourth
annual worldwide convention of the Nigerian Association of Petroleum
Explorationists (NAPE).

Lokpobiri mentioned the commitments adopted his latest
engagements with buyers in Abu Dhabi through the just-concluded Abu Dhabi
International Petroleum Exhibition and Conference (ADIPEC), the place Nigeria
attracted renewed curiosity as an funding vacation spot amid geopolitical
tensions within the Gulf area.

“I can guarantee you that we had one or two non-binding MOUs
with teams. One group is keen to mobilise $15 billion to spend money on Nigeria.
And their argument is that we all know that when it comes to spare capability, it’s extra
within the Gulf area,” Lokpobiri mentioned.

“But with what has occurred within the Strait of Hormuz, it’s
necessary for corporations which have cash to diversify their investments in phrases
of areas. Some of them are keen to come back to Nigeria and make investments.

“So, if there may be any disruption in a single location, the
funding in Nigeria will proceed to maintain your money stream. There’s one other
group that’s committing $6 billion. And so, what I’m doing is linking these
corporations, these teams to corporations in Nigeria.”

He mentioned his curiosity just isn’t within the business phrases of the
proposed investments however in bringing the events collectively to barter and
agree on the small print.

Lokpobiri mentioned attracting contemporary capital has change into vital
as a result of Western international locations have weaponised entry to financing in opposition to the
international south, notably Africa.

He mentioned the problem knowledgeable the institution of the
African Energy Bank, including that the establishment is being positioned to handle
funding gaps within the continent’s power sector.

The minister recalled that the president of Afreximbank and
the president of the African Petroleum Producers’ Organisation (APPO) visited
Nigeria on October 31, 2026, for the financial institution’s formal launch.

He mentioned the financial institution had held its annual common assembly, met
its situations precedent, and appointed its president and board, noting that
the establishment is predicted to start operations on January 4, 2027, in
Abuja.

According to the minister, discussions with the potential
buyers additionally embody methods for positioning the African Energy Bank to
mobilise funding for the business.

ACTIVE RIGS HAVE INCREASED TO 60

Furthermore, he mentioned the variety of lively rigs has elevated
from about 10 to greater than 60, with operators sustaining drilling campaigns
throughout the nation.

Lokpobiri dismissed the importance of headline reserve
figures with out corresponding manufacturing, citing Venezuela’s greater than 300
billion barrels of oil reserves regardless of its financial challenges.

He described Nigeria’s 37 billion barrels of oil reserves
and 215 trillion cubic ft of gasoline sources as largely educational except they
are developed and delivered to market.

According to the minister, aggressive exploration may extra
than double Nigeria’s reserves, with a further 18 billion barrels of oil
doubtlessly out there in deepwater areas but to be licensed.

He mentioned the federal government’s efforts within the sector has
contributed to strengthening the financial system, citing the Central Bank of Nigeria
(CBN) knowledge displaying overseas reserves of about $56 billion, with oil and gasoline
accounting for 85 p.c.

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