Foreign investors are set to inject $21 billion into Nigeria’s oil and gas industry following engagements at the ADIPEC conference in Abu Dhabi, Minister of State for Petroleum (Oil) Heineken Lokpobiri announced on Monday, November 10, at the 44th Nigerian Association of Petroleum Explorationists (NAPE) conference in Lagos. Lokpobiri said one investor group committed $15 billion and another $6 billion, with two non-binding Memoranda of Understanding already signed.
The announcement comes as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) ramps up drilling approvals to boost production. NUPRC Chief Executive Oritsemeyiwa Eyesan disclosed that the commission has so far in 2026 approved 145 new well-drilling operations, 595 well re-entries, and 39 Field Development Plans.
She said the approvals are part of efforts to translate Nigeria’s 37 billion barrels of oil reserves and 215 trillion cubic feet of gas from “paper to market.”Nigeria’s oil production has recovered from about 1 million barrels per day in August 2023 to about 1.8 million bpd currently, while active drilling rigs have jumped from 10 in 2023 to over 60 in 2026.
Lokpobiri said the new investments will be used to unlock stranded assets and boost gas supply for power and industry, a critical issue after recent grid collapses linked to gas shortages and the Benin-Egbin line fault.
The minister added that the government is pushing for local content but will not block foreign capital needed to develop deepwater and gas projects. He noted that with NNPC Ltd reporting N509 billion profit in September on N4.61 trillion revenue, yet petrol availability at NNPC Retail stations at only 54%, more private investment is needed to fix downstream distribution and upstream supply.
If the $21 billion materialises, it would be the largest single-year foreign investment pledge into Nigeria’s oil and gas sector since the Petroleum Industry Act, and could help stabilise power generation, which recently rose to 4,020MW, and support the Federal Government’s target of 3 million bpd production.
Sources:ThisDayLive / Arise News,THEWILL