Nigeria approved 28 new Field Development Plans valued at 18.2 billion dollars in 2025, with an estimated reserve potential of 1.4 billion barrels, the Federal Government announced. Between 2024 and 2025, four of the seven major Final Investment Decisions across Africa were made in Nigeria, reflecting policy clarity, consistent governance, and deliberate leadership.
Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), disclosed the figures at the opening of the 2026 Nigeria International Energy Summit (NIES), held at the Presidential Banquet Hall, Aso Villa, Abuja. Vice-President Kashim Shettima represented President Bola Tinubu at the event.
Lokpobiri said the petroleum sector had been repositioned as a globally competitive and investment-ready destination, reversing years of declining production and stalled investments. He highlighted the successful transfer of onshore and shallow water assets from major international oil companies to capable Nigerian operators, resulting in an additional 200,000 barrels of oil per day.
On the downstream segment, he credited the removal of fuel subsidies and investments by indigenous firms such as Dangote and BUA for stabilising the market and expanding refining infrastructure. Licensing processes were liberalised to improve transparency, while the West African Reference Market aims to position Nigeria as a refining hub for the Gulf of Guinea and wider Africa.
Lokpobiri also stressed the importance of the African Energy Bank, headquartered in Nigeria, to mobilise capital for continental energy development. He cited Project One Million Barrels, which increased national crude oil production to between 1.7 and 1.83 million barrels per day, and noted that the number of active drilling rigs had risen from 14 in 2023 to over 60.
He encouraged global investors to view Nigeria as a stable and profitable partner, with ongoing major FIDs including Shell’s 5 billion dollar Bonga North project and Chevron’s 1.8 billion dollar Panther project.
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