Nigeria is stepping up efforts to attract foreign investment into its oil and gas sector, with the government pledging competitive incentives and policy stability to win back companies that had previously withdrawn from the market.
Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), made the remarks in Abuja on Friday during talks with Vaalco Energy, a New York Stock Exchange-listed exploration and development firm. The company is seeking approval to acquire Svenska’s Production Sharing Contract stake in Oil Mining Lease 145, marking its planned return to Nigeria.
Lokpobiri said the administration of President Bola Tinubu was focused on creating conditions that matched leading global investment destinations. “Your renewed presence will help us ramp up production and achieve our national energy objectives,” he told the visiting delegation.
Vaalco’s Managing Director, Pieter Van der Groen, said Nigeria remained central to the firm’s growth strategy. He emphasised that the company had both the funding and intention to actively develop assets, calling the country “a key investment hub”.
