Nigeria's Government Calls for Private Investment in Oil Sector

The Federal Government of Nigeria, represented by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has called for increased private sector investment in the midstream and downstream petroleum sectors. This appeal was made during the inaugural 2026 Petroleum Technology Development Fund Journal Summit in Abuja.

Lokpobiri, represented by his Technical Adviser, Emmanuel Sinime, highlighted that Nigeria's crude production has risen from about one million barrels per day in 2023 to over 1.7 million barrels per day, with active drilling rigs increasing from approximately 14 to over 60. He stated that sustainable development in the petroleum sector requires robust private sector involvement, with the government focusing on creating a conducive policy and regulatory environment.

The emergence of the Dangote Petroleum Refinery and the expansion of modular refineries like Waltersmith and Aradel were cited as examples of successful private investment. Lokpobiri stressed that increased production must be supported by adequate infrastructure and efficient systems for transportation, storage, and refining.