The Federal Government has projected an influx of $20 billion in new investments into Nigeria’s upstream oil and gas sector by 2029, as part of a broader strategy to boost production capacity and strengthen the nation’s energy security.
According to government officials, more than $8 billion has already been “catalysed” in the past 18 months through ongoing reforms and renewed investor confidence in Nigeria’s petroleum industry. The balance of the targeted investment is expected to materialize progressively over the next four years, focusing on upstream exploration and gas infrastructure development.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said recent policy reforms and fiscal incentives under the Petroleum Industry Act (PIA) are restoring investor trust and positioning Nigeria as a competitive hub for global energy investment.
“We have already witnessed a positive turnaround, with over $8 billion committed within a short period. Our goal is to scale this to $20 billion by 2029, focusing on both oil and gas exploration and development,” Lokpobiri stated.
The government’s investment plan emphasizes natural gas expansion, a cornerstone of Nigeria’s energy transition strategy. The initiative aims to boost gas supply for domestic power generation, industrial feedstock, and export through liquefied natural gas (LNG) projects. Public-private partnerships will also play a central role in unlocking new value across the petroleum value chain.
Energy analysts suggest that if effectively implemented, the $20 billion investment could significantly increase Nigeria’s daily crude oil production, enhance gas utilization, and stimulate industrial growth. However, they caution that regulatory delays, security challenges in producing regions, and global shifts toward renewable energy could influence investor enthusiasm.
With reform momentum building, Nigeria seeks to reinforce its status as Africa’s leading oil producer while leveraging its abundant gas reserves to drive industrialization and sustainable economic diversification. Visit www.jocomms.com for more news.
