IOCs commit over $16bn investment in Nigeria – FG

The Nigerian federal government has said that under President Bola Ahmed Tinubu, the country’s oil and gas sector has attracted over $16 billion in investment commitments.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this during a sectoral ministerial briefing on Tinubu’s administration performance in one year.

He noted that international oil companies have indicated $5 billion and $10 billion investment commitments in Nigeria’s deepwater offshore assets.

“Today, I am pleased to announce that our efforts have rekindled investor confidence in the sector. Notable examples include investments of $5 billion and $10 billion in deepwater offshore assets and a $1.6 billion investment commitment in oil and gas asset acquisition,” he said.

The development comes as IOCs and local firms bid for 19 oil blocks in Nigeria.