PRESS RELEASE
CAPE TOWN, South Africa, October 8, 2025/ — Nigeria’s Ministry of Petroleum Resources has been named Reformer of the Year at the African Energy Week: Invest in African Energies 2025 conference, in recognition of its commitment to transforming the oil and gas sector through sweeping reforms that are reshaping Nigeria’s investment landscape.
A cornerstone of this agenda is the Petroleum Industry Act (PIA) of 2021, complemented by a series of Executive Orders – most notably the “Upstream Petroleum Operations” (Cost Efficiency Incentives) Order – signed this year. Since the enactment of the PIA, Nigeria has pursued a bold exploration and production strategy, reengaging global investors through fiscals designed to incentivize investment. The legislation overhauled sector governance, unbundled the Nigerian National Petroleum Company into a commercially oriented entity, and established a modernized regulatory framework to attract capital and foster sustainable growth.
The PIA introduced a more equitable fiscal regime, transparent licensing systems and a Host Community Development Fund, ensuring communities directly benefit from nearby projects. Since its introduction, the Act has catalyzed over $17 billion in foreign direct investment into Nigeria’s oil and gas industry, reflecting growing confidence in the country’s new policy environment.
Building on this momentum, the Federal Government has intensified reforms aimed at restoring competitiveness and unlocking long-delayed projects. In April 2025, President Bola Ahmed Tinubu signed a landmark Executive Order on Oil and Gas Sector Reform, targeting fiscal efficiency and cost competitiveness across upstream operations. The Order introduced a performance-based tax credit framework, incentivizing operators to achieve verifiable cost reductions. These reforms are expected to enhance fiscal stability, accelerate project execution and remove long-standing bottlenecks that have historically impeded investment.
These reforms arrive as Nigeria aims to increase oil production above two million barrels per day while advancing gas monetization and infrastructure projects. Major initiatives progressing under the new investment climate include the $10 billion Nigeria–Morocco Gas Pipeline, ongoing AKK pipeline development, and multiple deepwater Final Investment Decisions by international and indigenous operators. At the same time, the Ministry is accelerating modular refinery development, enhancing downstream transparency and expanding the country’s role as a regional gas hub.
“The Ministry of Petroleum Resources has shown extraordinary leadership in building a transparent, competitive and resilient energy sector. Nigeria’s reforms are unlocking billions in investments, advancing infrastructure and ensuring energy development directly benefits its people,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.
Distributed by APO Group on behalf of African Energy Chamber.
SOURCE
African Energy Chamber
