Nigeria has reiterated its commitment to building a transparent, stable, and investor-friendly petroleum sector, with reforms expected to boost not only international investment but also opportunities for local small and medium-sized enterprises (SMEs) along the energy value chain.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made this known while delivering President Bola Ahmed Tinubu's keynote address at the Africa Energy Week in Cape Town, South Africa.
According to him, Nigeria is "open for business" and actively implementing policies that prioritize efficiency, investment, and long-term growth. He stressed that the Petroleum Industry Act (PIA) is providing a clear and predictable fiscal and regulatory framework for investors, while also ensuring transparency, host community engagement, and strengthened oversight.
"What makes Nigeria different today is the legal, regulatory, financial, and structural transformation we are delivering," Lokpobiri said, noting that reforms are designed to create an enabling environment where both international and local businesses can thrive.
Nigeria's upstream sector is already showing signs of strong recovery. The "Project One Million Barrels" initiative, launched in October 2024, has lifted daily crude oil production to between 1.7 and 1.83 million barrels per day, including a record increase of 300,000 barrels per day in July 2025.
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In addition, the number of active drilling rigs has risen from 31 in January to 50 by July 2025, a development that signals renewed confidence and increased activity across the sector. Analysts say these improvements will expand opportunities for SMEs in logistics, engineering services, equipment leasing, catering, security, and local content supply chains.
Lokpobiri emphasized that the administration's priority is not only boosting production but also ensuring that reforms translate into jobs, enterprise development, and prosperity for Nigerians. "This gathering is more than a conference, it is a call to action," he said. "Nigeria is ready not just to participate in the global energy market, but to lead reform and growth on the African continent."
Industry experts believe that as reforms deepen and investor confidence grows, local SMEs will play a crucial role in supporting upstream operations, refining, and service provision — making them direct beneficiaries of the government's policy drive.
