Nigeria is opening its doors again to global oil investors. The country says it is ready to offer world-class incentives and a stable business climate.
Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), made this known in Abuja. He received a delegation from Vaalco Energy, a U.S.-based oil exploration firm.
The company wants to re-enter Nigeria by acquiring Svenska’s interest in Oil Mining Lease (OML) 145. The deal could revive foreign confidence in Nigeria’s energy sector.
“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.”
Vaalco Energy Eyes Stronger Return
Vaalco’s Managing Director, Pieter Van der Groen, said Nigeria remains a key investment hub. He assured that the company is not here to idle.
“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.”
Senator Lokpobiri welcomed the move. He said Nigeria’s policies now offer clarity, fiscal stability, and long-term investor confidence.
“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 also praised Vaalco’s past contributions and described returning investors as ambassadors of Nigeria’s business friendliness.
“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.”
We hope that this new push to achieve Nigeria’s energy targets will help unlock the sector’s full potential, which is still barely being tapped. Or do you disagree? Let us have your feedback in the comments.
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