Nigeria is actively repositioning itself as a prime destination for global investments, particularly in the oil and gas sector, as the government works to restore investor confidence and attract international companies that once exited the country. This renewed effort is being driven by the administration of President Bola Ahmed Tinubu, which has pledged to provide globally competitive incentives and foster a more transparent and business-friendly environment.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made this clear in Abuja while meeting with a delegation from Vaalco Energy, a U.S.-based independent oil and gas exploration company. Vaalco is seeking to return to Nigeria’s energy market through the acquisition of Svenska’s Production Sharing Contract (PSC) interest in Oil Mining Lease (OML) 145. According to the Minister, the government is determined to encourage companies that once left Nigeria for various reasons to come back, offering them conditions that rival the most attractive markets across the globe.
Lokpobiri expressed satisfaction with Vaalco Energy’s renewed interest, describing it as an encouraging sign that Nigeria’s reforms are working. “It is gratifying for us as a nation when those who have previously operated here speak positively about Nigeria as a business-friendly destination. We are delighted to welcome you back,” he stated.
Representing Vaalco Energy, Managing Director Pieter Van der Groen highlighted the company’s optimism about Nigeria’s oil and gas opportunities. He explained that the firm’s intention goes beyond acquiring Svenska’s stake in OML 145; it is also committed to making tangible investments that will boost production. Being a company listed on the New York Stock Exchange, Van der Groen emphasized that Vaalco has access to adequate funding to develop assets, stressing that the goal is to invest and produce, not just to hold assets passively.
In response, Lokpobiri assured that Nigeria’s current policies emphasize fiscal stability, clarity, and investor-friendly frameworks that will support long-term partnerships and mutual benefits. He reiterated that the return of trusted players like Vaalco would significantly help in ramping up Nigeria’s oil production, strengthening the country’s energy security, and advancing its economic goals. “Together, we can achieve shared prosperity and sustainable growth,” he concluded.
This latest engagement signals Nigeria’s broader strategy to rebuild confidence in its energy sector and reposition the country as a global hub for oil and gas investment.