Petroleum Minister Heineken Lokpobiri has expressed strong support for the divestment plans aimed at fostering collaboration between local firms and international oil companies (IOCs) in Nigeria. Speaking at a recent oil and gas conference in Lagos on June 12, 2025, Lokpobiri emphasized that these divestment initiatives could enhance the country’s energy sector and promote sustainable growth.
Strengthening Local Capacity
During his address, Lokpobiri highlighted the importance of empowering local firms to play a more significant role in the oil and gas industry. He stated, “Divestment from IOCs allows local companies to gain access to critical resources and technology. This partnership will strengthen our domestic capacity and drive economic growth.”
The minister pointed out that the Nigerian government is committed to creating an enabling environment for local firms. By facilitating partnerships with IOCs, the government aims to ensure that local companies can participate competitively in the sector. He added that these divestments could lead to increased investment in local infrastructure and job creation.
Economic Benefits and Job Creation
Lokpobiri noted that the divestment plans align with the government’s broader vision of enhancing the oil and gas sector’s contribution to the national economy. He explained that by encouraging local participation, the government aims to diversify the industry and reduce reliance on foreign entities. “Our focus is on creating jobs for Nigerians and ensuring that the benefits of our natural resources are felt by our people,” he asserted.
The minister also pointed to successful examples of local firms that have partnered with IOCs, resulting in significant economic benefits. He urged more local companies to explore opportunities for collaboration, emphasizing that the government would support such initiatives through favorable policies and incentives.
Collaboration and Future Prospects
In his concluding remarks, Lokpobiri called for stronger collaboration among stakeholders in the oil and gas sector. He encouraged IOCs to consider divestment plans as a strategic move that benefits not only local firms but also their own operational efficiency. “Collaborative efforts can lead to innovative solutions and increased productivity in the sector. Together, we can build a robust oil and gas industry that supports national development,” he stated.
As Nigeria navigates the complexities of its oil and gas landscape, Minister Heineken Lokpobiri’s backing of divestment plans signifies a pivotal shift toward local empowerment and sustainable growth. By fostering partnerships between local firms and international players, the government is laying the groundwork for a more resilient and self-sufficient energy sector. As these initiatives unfold, the potential for economic growth and job creation in Nigeria’s oil and gas industry appears promising.
