The Federal Government has urged investors to consider Nigeria as a prime destination for energy investments, highlighting the country’s stable regulatory environment and globally competitive reforms.

Speaking at CERAWeek by S&P Global in Houston, Texas, United States, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, emphasised that Nigeria’s crude oil ranks among the best in the world.

He also revealed that the Ministry has held discussions with major international oil companies (IOCs) including Shell, Chevron, Total, Eni, and ExxonMobil.

“And you know, Nigeria’s crude is one of the best in the world. I believe that the message is syncing well and all of them have made commitments to say, ‘Look, when they are prioritising investment destinations, Nigeria will be the preferred destination,’” Lokpobiri told Channels Television on the sidelines of the conference.

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The minister highlighted that Nigeria has maintained uninterrupted operations in the upstream oil sector for over a decade.

“Before now, Nigeria wasn’t seen to be an attractive destination for investment. So instead of coming to Nigeria, they went to other parts of the world. But we have assured them that for the past 15 years or more, Nigeria hasn’t experienced any upstream disruption, and the facts are there for anybody to see.

“And what we are saying is that it’s important that in view of what is going on in the world, it’s better for them to come to Nigeria, where we have reforms; you know, in terms of our fiscals, we have clarity, we have certainty, and we have stability of regulations and legal framework for them to come and invest.”

A former lawmaker representing Bayelsa West Senatorial District, Lokpobiri also spoke on Nigeria’s downstream sector, outlining plans to improve operations while promoting the country as a stable investment hub.

“The Nigerian delegation came with just one message that Nigeria is ready for investment. There’s a new Nigeria, where investment is welcome as an alternative, you know, to what is happening in other parts of the world.

“We had the privilege of appearing in several panels, and one of the first issues raised in the first panel, which took place at the groove, was that the world has to look for alternative locations for energy investments so that happens in the Middle East or in the Gulf region; in case it happens tomorrow, there is a balanced global investment destination that will be able to stabilise the demand and supply of energy in the world.”

Lokpobiri added that bilateral meetings with international energy firms were part of a concerted effort to attract investments:

“So yesterday we told them Nigeria is ready for investment; we have reforms that are globally competitive. We have a new environment we are creating, led by President Bola Ahmed Tinubu, that has brought back all the investments that were hitherto not available for the past over a decade in Nigeria, and they are listening.

“As part of the follow-up, I had bilateral with Chevron, I had bilateral with ENI, I had bilateral with other companies, and we’re telling them just one message – come to Nigeria to invest instead of investing in locations where the security may not be guaranteed. Nigeria is offering an alternative to global investment in the energy sector.”

The minister’s address comes amid Nigeria’s renewed push to position itself as a secure and attractive hub for oil and gas investment, signalling confidence in the country’s policy reforms and regulatory clarity.

Sweet Crude

Nigeria’s crude oil export performance continues to play a central role in shaping the country’s economy, even as structural shifts and policy decisions influence trade patterns and foreign exchange inflows. According to recent statistics, crude oil remains the dominant contributor to Nigeria’s export revenue, reflecting its deep integration into the global energy market and domestic economic dynamics.

In the third quarter of 2025, Nigeria earned about ₦12.81 trillion from crude oil exports, according to data released by the National Bureau of Statistics (NBS). The bureau’s Foreign Trade in Goods Statistics revealed that crude oil alone accounted for 56.14 per cent of total exports during that period, underlining the product’s overwhelming influence on trade balances.

While this figure represented a slight year‑on‑year decline from ₦13.41 trillion in Q3 2024, it nonetheless marked a 7.03 per cent quarter‑on‑quarter increase, signifying a rebound in oil export receipts within the latter part of 2025. The data underlines the continued centrality of crude oil exports in underpinning Nigeria’s foreign trade, particularly as mineral products — led by crude oil and petroleum gases — drove export growth.

Despite its export strength, however, the sector has also faced headwinds. According to the Central Bank of Nigeria’s external accounts for 2025, crude oil exports declined by 14.4 per cent to $31.54 billion from approximately $36.85 billion in 2024. This contraction was highlighted as a major factor in the 38 per cent fall in Nigeria’s current account surplus, which dropped to $14.04 billion in 2025.

This decline occurred even as exports of natural gas surged by 21.4 per cent to $10.51 billion, showing the nuanced performance of energy exports overall. In the same report, the Dangote Refinery’s activity was noted as a significant contributor to the current account surplus, with exports of refined petroleum products worth about $5.85 billion helping to mitigate the impact of weaker crude export receipts.

The refinery’s importation of $3.74 billion worth of crude oil in 2025 — despite Nigeria being itself a leading crude producer — also highlights the complex relationship between export earnings and domestic product supply dynamics. According to the Balance of Payments report, this crude importation reflects ongoing structural adjustments as downstream capacity expands, even while supporting a reduction in fuel import bills.

Crude’s dominance in Nigeria’s export mix is further illustrated by broader trade statistics. In Q3 2025, mineral products collectively — driven largely by crude and petroleum gases — were valued at ₦20.01 trillion, representing 87.71 per cent of total exports. Exports to key destinations such as Europe, Asia and Africa continued to feature crude and oil‑related products prominently, despite ongoing efforts to diversify export portfolios.

This heavy reliance on crude export earnings continues to shape Nigeria’s broader economic outlook. While non‑oil exports have registered gains — such as a reported rise to $6.1 billion in 2025 — crude oil remains the most significant source of foreign exchange, fiscal receipts and trade stability.