Nigeria has reaffirmed its determination to reposition itself as a prime global investment destination, offering competitive incentives to attract international partners back to its oil and gas industry.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Ph.D., disclosed this in Abuja while receiving a delegation from Vaalco Energy, an American independent oil and gas exploration and development company. Vaalco is seeking to re-enter Nigeria through the acquisition of Svenska’s Production Sharing Contract (PSC) interest in Oil Mining Lease (OML) 145.
According to Lokpobiri, President Bola Ahmed Tinubu’s administration is committed to fostering a more conducive environment for investors, particularly companies that had previously exited Nigeria.
> “The Government of President Bola Ahmed Tinubu is particularly interested in creating a better environment for companies that were once here but left for various reasons to return. We are prepared to offer incentives comparable to the best available globally,” he said.
The Minister commended Vaalco’s renewed interest in the country, describing it as a vote of confidence in Nigeria’s investment climate.
> “It is gratifying for us as a nation when those who have worked here become ambassadors, speaking of how friendly and conducive Nigeria is for business. We are glad to welcome you back,” Lokpobiri stated.
Speaking during the visit, Vaalco Energy’s Managing Director, Pieter Van der Groen, described Nigeria as a key hub for investment.
> “We are here to seek regulatory guidance for acquiring Svenska’s interest in OML 145, but more importantly, to return to Nigeria and invest in a stronger way. As a New York Stock Exchange-listed company, we have access to funding to develop the assets we acquire. We are not here to sit on them; we are here to produce,” he affirmed.
Senator Lokpobiri assured the delegation that Nigeria now provides policy clarity, fiscal stability, and investor-friendly frameworks that guarantee long-term partnerships.
> “Your renewed presence will help us ramp up production and achieve our national energy objectives. Together, we can build a future of shared growth and prosperity,” he concluded.
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