The Federal Government has announced that Nigeria has secured new oil sector investments after more than ten years of inactivity, crediting the breakthrough to reforms introduced under President Bola Tinubu’s administration.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed this on Thursday in a statement issued by his Special Adviser on Media and Communication, Nneamaka Okafor. The announcement followed his keynote address at the United States–Nigeria Council’s session on oil collaboration, held on the sidelines of the ongoing United Nations General Assembly in New York.

Lokpobiri explained that for over a decade, the oil industry suffered stagnation that undermined growth, weakened investor confidence, and left several oil blocks idle. He noted, however, that recent reforms have repositioned Nigeria as a viable destination for global energy investments.

“At the heart of Nigeria’s renewed energy agenda is a deliberate policy direction—to open our oil sector to deeper and more strategic partnerships. The time to invest is not just now—it is ripe,” the minister said.

According to him, fresh commitments now worth billions of dollars are being made, reversing the long-standing investment drought. He added that previously inactive blocks are now available and open to investors.

While highlighting Nigeria’s longstanding relationship with the United States and American companies, Lokpobiri also pointed to new opportunities across both upstream and downstream segments of the oil industry.

The minister further noted that bold reforms and competitive fiscal regimes have already boosted oil production in the past two years. He emphasized that the successful implementation of the Petroleum Industry Act (PIA) has provided a clear and investor-friendly framework that restores confidence and encourages long-term partnerships.

“The PIA has created an environment where investors can operate with clarity, confidence, and security,” he said.

Lokpobiri assured the global community that Nigeria remains committed to a balanced energy transition. While fossil fuels will continue to play a major role in financing the country’s energy mix, he reaffirmed Nigeria’s alignment with the Paris Agreement and commitment to cleaner, more sustainable exploration.

“Our doors are open, our laws are clear, and our environment is conducive. Now is the time for US and global investors to be part of Nigeria’s energy success story,” he declared.

Recent government actions—such as the removal of fuel subsidies, deregulation of the downstream sector, and renewed focus on gas monetisation—were also cited as proof of the government’s determination to reform the industry.

These measures, the minister said, are already restoring international confidence and are expected to help Nigeria meet its goal of attracting $30 billion in oil and gas investments by 2027 and at least $60 billion by 2030.

Lokpobiri concluded by urging investors to seize opportunities in Nigeria’s transforming energy sector, stressing that a stronger oil and gas industry would not only boost domestic production but also reinforce Nigeria’s position as a dependable energy hub for West Africa and the continent at large.