Nigeria’s Ministry of Petroleum Resources named Reformer of the Year at African Energy Week
Nigeria’s Ministry of Petroleum Resources was named Reformer of the Year at the African Energy Week: Invest in African Energies 2025 conference, earning regional recognition for a series of wide-ranging oil and gas reforms that have begun to reshape the country’s investment climate.
The award highlights a three-year transformation program anchored by the Petroleum Industry Act (PIA) of 2021, alongside new executive orders designed to make Nigeria’s upstream sector more competitive. Since the PIA’s passage, Nigeria has implemented fiscal incentives to attract exploration and production activity, modernized regulatory structures, and restructured the Nigerian National Petroleum Company into a commercial entity.
Reforms boost foreign investment and competitiveness
The PIA established a transparent licensing system, a Host Community Development Fund, and a more balanced fiscal regime, ensuring communities near projects share in development benefits. These measures have spurred investor confidence, resulting in over $17 billion in foreign direct investment into the oil and gas sector since the law’s enactment.
In April 2025, President Bola Ahmed Tinubu signed a landmark Executive Order on Oil and Gas Sector Reform, introducing a performance-based tax credit system to encourage cost efficiency. The move is expected to accelerate project execution, strengthen fiscal stability, and remove bureaucratic hurdles that have historically slowed investment.
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Sector shifts toward growth and regional leadership
Nigeria is aiming to lift oil production above two million barrels per day, while advancing gas monetization projects. Key initiatives include the $10 billion Nigeria–Morocco Gas Pipeline, the ongoing AKK pipeline, and several pending deepwater investment decisions involving both local and international companies.
The government is also ramping up modular refinery development and boosting downstream transparency to position the country as a regional gas hub.
NJ Ayuk, Executive Chairman of the African Energy Chamber, said the recognition reflects Nigeria’s commitment to creating a more transparent and investor-friendly energy sector. “Nigeria’s reforms are unlocking billions in investments, advancing infrastructure and ensuring energy development directly benefits its people,” Ayuk said.
