By Pius Mordi
While the phrase “Czar in the nation’s oil sector” is not an official title, it is often used informally to refer to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, who many know is playing a significant leadership role in the oil sector.
Since his assumption of office, the nation’s narrative within and outside the country has changed with high-level meetings and initiatives aimed at boosting production and attracting investment within the sector. He has translated the reforms of the present administration of President Bola Tinubu into reality, which are seen to have started changing the oil sector policy of the present administration and transferring wealth and security to investors and Nigerians at large.
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In less than two years, the nation’s oil sector has shown appreciable level of stability, increase in production capacity, increased participation of investors and brought the needed calm in the exploration activities in the Niger Delta region. Nigeria’s crude oil output has recorded modest improvement with over 1.8 million barrel per day recorded under the last administration of Mele Kyari at the NNPC.
This, according to experts, is a positive trend in the oil sector. The decision by President’s Tinubu to issue landmark executive order on cost efficiency in oil and gas sector has also largely set out targets for new investments, improved revenues and greater values for Nigerians. Indeed, Senator Lokpobiri has attributed the decisive leadership style of President Tinubu to the successes recorded with the increase in the current production capacity to 1.8mbpd, including Condensates. According to Lokpobiri, the decisive leadership style of the President Tinubu-led administration has also addressed the longstanding investment bottlenecks that had hindered the sector’s progress. The Minister of Petroleum Resources while speaking during the Inter-Ministerial/Energy Leadership Roundtable at #NIES2025, on the subtheme – “Catalyzing Global Investment: Policy Pathways to Unlock Africa’s Energy Potential,” said that “achieving a production increase from the 1mbpd we met upon resumption to the current 1.8mbpd, inclusive of Condensates, would not have been possible without significant additional investments from industry players.
“I must extend profound appreciation to President Bola Ahmed Tinubu, whose decisive leadership swiftly addressed longstanding investment bottlenecks that had hindered the sector’s progress. “From the issuance of targeted Executive Orders to the full implementation of the Petroleum Industry Act (PIA) and full deregulation of the downstream sector, we have created an investment-friendly environment that continues to attract global and local capital into the energy sector.
“Notably, Africa’s proactive establishment of the Africa Energy Bank has galvanized access to funding, empowering indigenous investors to compete favourably with International Oil Companies (IOCs) across all industry streams. “This momentum is projected to be sustained, ensuring long-term growth and resilience in Africa’s energy sector.” The new oil policy direction of the Federal Government to boost by deliberately building synergy with partners is already achieving true energy security. Speaking at the 9th OPEC International Summit in Vienna, Senator Lokpobiri had also insisted that the vision of the present administration of President Tinubu is a journey that requires not only clear vision, but deliberate, strategic engagements, both at home and abroad.
He revealed: “In our drive to boost investment in Nigeria’s oil sector, building synergy with our partners and prospects remains critical to arriving at the space we desire in achieving true energy security.
“It is a journey that requires not only clear vision but deliberate, strategic engagements, both at home and abroad.” He had also outlined the set down priority laid down under the Renewed Hope administration of President Tinubu, insisting that the Federal Government is prioritizing strategic investments in Nigeria’s oil sector, which are already building robust partnerships geared towards sustainable progress.
He, therefore, predicted that the efforts by Tinubu’s administration is guaranteeing national prosperity for Nigerians and mutual prosperity for global investment partners. Change from the past Unlike past administrations, President Tinubu, through the Minister of State for Petroleum Resources (Oil), Senator Lokpobiri, has also declared an end to the era where oil companies acquire field licences and leave them dormant.
The Minister had at the 2025 Nigeria Oil and Gas Energy Week in Abuja, issued a warning as part of a renewed push to meet its OPEC production quota and 2025 budgetary targets. The government warned that it will no longer tolerate operators lacking the technical and financial capacity to develop oil fields, stressing that such licenses will be withdrawn. This is as the government is determined to maximize oil production by ensuring that only serious investors retain access to Nigeria’s hydrocarbon resources.
Nigeria now leading the charge for Global Financing and Energy Security Already, the President Tinubu’s reforms in the oil sector is already charting the desired path where Nigeria is taking up the mantle of leadership as the giant of Africa in terms of global oil financing and advocate of energy security. This is why Senator Lokpobiri emphasized that Africa’s distinct approach to energy transition is one that prioritizes combating energy poverty while advancing sustainable development. This much was revealed when the minister attended the exclusive reception dinner hosted by the Embassy of the United Kingdom of Belgium in Nigeria ahead of this year’s Nigeria International Energy Summit (NIES). Lokpobiri had explained that because of the need for accessible energy solutions he invited investors to explore Nigeria’s oil sector, clarifying that “our focus is on securing investments, not loans, to drive mutual economic growth.” He also hinted that he called for a globally inclusive energy transition framework that reflects Africa’s unique developmental challenges and ensures no region is marginalized in the global shift toward cleaner energy sources. The Federal Government has also confirmed its readiness to host the headquarters of the Africa Energy Bank (AEB), following the country’s successful bid in July 2024. Preparations are on top gear to ensure a seamless operational launch of the Bank, marking a significant milestone in Africa’s energy sector development. At the 46th Ordinary Session of the Ministerial Council of the African Petroleum Producers’ Organization (APPO) held in Yaoundé, Cameroon, Senator Lokpobiri reaffirmed Nigeria’s commitment to the Bank’s establishment. While speaking to the ministers of the 18 APPO member states, Lokpobiri expressed Nigeria’s enthusiasm for the project, stating, “we are prepared to host the Africa Energy Bank, and our dedication to enhancing funding for Africa’s energy sector remains unwavering.” A cornerstone of the Bank’s mission is to bridge financing gaps within Africa’s oil and gas industry, facilitating advancements in energy infrastructure across the continent. Lokpobiri emphasised that the Federal Government, under President Tinubu’s leadership, has taken significant steps to lay the groundwork for the Bank’s strategic objectives. “Our commitment is underscored by Nigeria’s contribution of $69.1 million in equity funding to the Africa Energy Bank, which demonstrates our leadership role in supporting critical energy initiatives on the continent,” he noted. Beyond financial contributions, Nigeria has also formally signed and ratified the AEB Establishment Agreement and Charter, a development that APPO has praised as a significant leap toward establishing the Bank. With the Treaty now in effect, the legal and operational framework is set, paving the way for the AEB’s launch and enabling it to advance its objectives of enhancing energy security and promoting sustainable development across the continent. This is why Lokpobiri has called on other APPO member countries to join Nigeria in accelerating their financial commitments to the bank.
“I urge all member countries to expedite their subscription and payment of their allocated shares to the AEB. Together, we can achieve remarkable advancements in our energy sectors and establish ourselves as a continental energy hub,” he stated. The Africa Energy Bank represents a unified effort to support Africa’s long-term energy security, and Nigeria’s commitment as host nation underscores its dedication to fostering regional energy independence. With the final preparations underway, Nigeria is believed to be poised to welcome the AEB, thereby bringing the continent closer to a future where sustainable energy infrastructure is within reach for all. Already, the Minister has told global leaders and industry players the need for strategic funding to enable Nigeria and Africa to harness their vast mineral resources and tackle persistent energy deficiencies. He reasoned that with a well mobilized public and private capital, Nigeria and indeed, Africa’s transition will align with its development priorities. Moving these arguments, Senator Lokpobiri at the just concluded World Economic Forum (#WEF25) in Davos, Switzerland, said though the establishment of the Africa Energy Bank, with headquarters in Nigeria, is a significant step in bridging the funding gap, pointing out that there is need for greater international support. Among issues discussed at the global meet were the Africa’s Momentum, which examined the impact of the African Union’s 2023 admission as a permanent member of the G20 and Africa’s push for a permanent seat on the UN Security Council. Lokpobiri, who led the nation’s delegation, noted that “I had the privilege of participating in several of the sessions that convened global leaders and industry players to address critical global and regional challenges. These sessions provided a platform to engage on issues central to Africa’s development and the global energy transition. “One of the key discussions was Africa’s Momentum, which examined the impact of the African Union’s 2023 admission as a permanent member of the G20 and Africa’s push for a permanent seat on the UN Security Council. I contributed to this dialogue by emphasizing the need for strategic funding to enable Nigeria and Africa to harness their vast mineral resources and tackle persistent energy deficiencies.
“In the session on Powering Progress: Financing the Energy Transition, I highlighted actionable solutions needed to unlock market forces and strengthen the business case for a global energy transition. We explored best practices for mobilizing public and private capital, emphasizing that Nigeria and, indeed, Africa’s transition must align with its development priorities. “During the Leaders for a Sustainable MENA session, which focused on climate, AI, and finance in the MENA region – a group of Middle Eastern and North African countries – we discussed innovative partnerships and pathways for collaboration between international and regional stakeholders.
“The insights shared were vital for integrating Nigeria and Africa as a whole into broader sustainability frameworks, while marketing Nigeria as an investment destination on the way to energy transition. “In the session on G20 and Africa’s Just Energy Transition, it was noted, the importance of South Africa’s G20 Presidency in advancing Africa’s energy priorities. “I underscored the establishment of the Africa Energy Bank, headquartered in Nigeria, as a significant step in bridging the funding gap. However, I called for greater international support, noting that Africa’s minimal contribution of three per cent to global emissions and stressing that the time for mere dialogue has passed. “As we look ahead, I urged that by the next #WEF26, our collective focus should be a review of executed actionable measures that drive visible growth in Nigeria, Africa, and globally. The foundation has been laid now, it is time to build.”
By this, Lokpobiri, no doubt, has shown capacity to lead the nation’s charge to its leadership role in the oil sector just as he has declared Nigeria as Africa’s strategic hub for energy investment. Also speaking at the 8th Nigeria International Energy Summit (NIES 2025), he affirmed that under the visionary leadership of President Tinubu, “we are creating an investor-friendly environment through key reforms like the Petroleum Industry Act (PIA), business-enhancing Executive Orders, improved peace and security in the Niger Delta, and the launch of the Africa Energy Bank.” He had told the global investors that Nigeria is continually committed to unlocking the full potential of the upstream sector, recognizing it as the backbone of a thriving midstream and downstream industry. “Our message was clear, Nigeria has embarked on strategic investments, not loans, to drive sustainable growth, Nigeria is ready and open for credible partnerships and we are focused on increasing production, guaranteeing energy prosperity, and powering our energy transition.
“To our partners and investors — the time is now. Nigeria stands as Africa’s strategic hub for energy investments. Let’s build prosperity together,” he pleaded. Pushing local content in oil sector In partnership with agencies of government and investors, the country has reiterated the importance of sustained investment in capacity building as a critical foundation for growth in Nigeria’s energy sector. At the opening ceremony of the 2025 edition of the Nigeria Oil and Gas Energy Week #NOGEnergyWeek, held at the Bola Ahmed Tinubu International Conference Center (BATICC), Abuja, Lokpobiri emphasized that the expectations of Nigerians are high, and the sector must rise to meet them. “As a nation whose economy is deeply reliant on the performance of the energy sector, we must continue to prioritize capacity development. Sustaining investment in this area is non-negotiable if we must continue to grow,” he stated. He noted the positive trajectory the sector is currently experiencing, particularly following the successful conclusion of various divestment deals, explaining that these deals have catalyzed a fresh wave of investment, enabling indigenous companies to take the lead in asset development and operations.
“Our local content framework is clearly delivering on its mandate. The success of indigenous firms driving recent divestments is a clear indication to the progress we have made in building local capacity.”
While addressing the gathering of industry stakeholders and global players, the Minister urged all operators to ensure that every asset under their control is fully active and productive, in alignment with the directive of President Tinubu. At the Ministerial Panel Session, Senator Lokpobiri focused on the urgent need for a sustainable energy mix that guarantees energy security, adding that “we must drive strategic investments and divestments in a manner that enables us to meet both domestic demands and our international obligations.” He also identified the effective implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010 as one of the key levers for actualizing the Renewed Hope Agenda of President Tinubu’s administration. This much he revealed during his tour of the Nigerian Content Development and Monitoring Board, NCDMB, facilities and projects in Bayelsa State, when he pointed out that the key mandates of the NCDMB, which are the promotion of in-country value addition in the oil and gas industry, incentivizing local manufacturing in the oil industry, development of human and material capacities and job creation, are major pathways for meeting the key aspirations of the current administration. He hailed the management of the Board for a sterling performance, highlighting the creation of the Nigerian Content Intervention Fund (NCIF) as one of the Board’s most impactful initiatives. He noted that lack of access to affordable finance is one of the biggest challenges facing emerging players in the oil and gas sector, hinting that the NCI Fund which is administered by the Bank of Industry (BOI) will assist qualified oil and gas companies to access the capital they need to grow, build capacities, and create jobs. Referencing the ongoing plans by some international oil companies to divest from onshore and shallow waters and move to deep and ultra-offshore operations, Senator Lokpobiri pointed out that indigenous companies have been able to step in and fill the openings courtesy of the systematic empowerment by the Board over the years.
He said: “Nigerian companies are doing very well today, courtesy of the capacity-building strategies that were institutionalized by the NCDMB in the past years.” He also lauded the Joint Venture (JV) between the Nigerian National Petroleum Corporation (NNPC), Caverton Offshore Support Group, and Stenabulk as a bold step towards enhancing shipping operations, strengthening local content, and driving economic growth through strategic industry alignment. Speaking during a strategic engagement with the JV partners, Senator Lokpobiri emphasized the importance of cross-sector collaboration in achieving national profitability goals. “For us to maximize expected profitability and deliver long-term value to the nation, every sector of the industry must be actively firm and aligned with one another,” he stated, adding that the JV represents a practical example of the government’s local content aspirations becoming reality. He expressed satisfaction with Caverton, an indigenous firm, in the partnership, saying “I am pleased to see a Nigerian company at the heart of this strategic partnership.
“It is not only a reflection of our commitment to inclusive development, but also ensures national participation – something that strongly aligns with our Local Content policy. “This initiative will boost the economy by ensuring revenue retention within our borders.” Chief Operating Officer of Caverton Offshore Support Group, Mr. Olabode Makanjuola, affirmed the company’s readiness to deliver on the objectives of the joint venture. “We are proud to be a part of this collaboration. Caverton brings a strong understanding of local operations and a firm commitment to demonstrating that indigenous capacity can deliver world-class results,” he said. Echoing the enthusiasm, General Manager of Stenabulk, Mr. Fredrik Eriksson, described the partnership as “a unique opportunity to merge international shipping expertise with local operational strength. “We are excited to collaborate with Caverton and NNPC to bring innovation and efficiency to the sector.”
Senator Lokpobiri commended NNPCL for their role in driving progress in the sector, and President Tinubu’s foresight and leadership, noting that such reforms and partnerships are already yielding measurable progress. “This joint venture is a testament to the President’s vision. It reflects the kind of impact-driven collaboration that we believe will transform the energy sector and strengthen Nigeria’s economic position.” Pushing for host community participation Indeed, the Minister did not leave the host communities behind in the push for reforms and ramp up of oil production as he had also taken the messages of the Niger Delta communities back to the Federal Government.
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