According to the report, the Federal Government said $5bn worth of investments is expected in Nigeria from oil and gas companies this year on Tuesday.

It was reported at the ongoing oil and gas sector retreat organised by the Federal Ministry of Petroleum Resources in Abuja, saying that efforts were being intensified to make the operating environment conducive for investors.

Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), said that one of his key mandates of his ministry was to improve crude oil production.

Heineken stated that it was important for the country to attract investments in order to achieve aim, adding that the FMPR was working with its agencies and the Nigerian National Petroleum Company Limited in particular, to meet this goal.

“I’ve worked very closely with NNPCL to meet this target, which is to ramp up crude oil production,” the minister stated, adding that the Federal Government had been tackling issues of insecurity and pipeline vandalism in the sector.

He said to attract more investments in the industry, the sector must be able to boast of a globally competitive regulatory framework, and noted that investors were still showing interest in Nigeria’s oil and gas space.

“We have a number of investments that are lined out for this year. We have investments of over $5bn to come from oil companies. So we have to continue to ensure that our environment is conducive for investments,” the minister stated.

Also, Mele Kyari, the Group Chief Executive Officer, NNPCL, at the 2024 Strategic Women in Energy, Oil and Gas Leadership Summit in Abuja, disclosed that less than 60 per cent of Nigerians have access to stable electricity.

Heineken said, “Energy is the lifeblood of our nation’s development, powering industries, homes, and driving economic growth. In our country and across our continent, Africa, there is energy poverty.

“With over 70 per cent of people in Sub-Saharan Africa not having access to clean cooking fuels, less than 60 per cent of Nigerians with access to stable electricity and very limited refining capacity, development and economic growth of the country and the region has been stifled.

“As an NOC (national oil company), we are mandated by law to guarantee energy security in Nigeria and provide optimum value to shareholders through production and processing of our hydrocarbon resources. Our role in ensuring energy supply is very critical to the economic development of the country and the region.”

Kyari said NNPCL envisions a Nigeria propelled by the oil and gas industry.

He said, through the “monetisation of our vast 203 trillion standard cubic feet gas resources, increasing crude oil production to three million barrels per day, and raising domestic refining capacity to over one million barrels per day.”

He outlined others to include “expanding our retail network to over 1,500 stations across sub-Saharan Africa, growing our renewable energy portfolio, and optimising dividend pay-outs to shareholders.”