Nigeria committed to attracting returning investors with global-level incentives – Lokpobiri

The Federal Government says Nigeria is strengthening its position as a top global investment destination by welcoming international partners back to its oil and gas industry with competitive incentives and commitment to collaboration.

Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), said this in a statemnt on Friday in Abuja.

Lokpobiri spoke while receiving a delegation from Vaalco Energy, an American independent oil and gas exploration and development company.

The company expressed interest in re-entering Nigeria through the acquisition of Svenska’s Production Sharing Contract (PSC) interest in Oil Mining Lease (OML) 145.

The minister said that President Bola Tinubu was particularly interested in creating a better environment for companies that were once in the country but left for various reasons to return.

“We are prepared to offer incentives comparable to the best available global.

“It is gratifying for us as a nation when those who have worked here become ambassadors, speaking of how friendly and conducive Nigeria is for business. We are glad to welcome you back,” he said.

Lokpobiri assured that Nigeria’s policies now provided clarity, fiscal stability and investor-friendly frameworks that encouraged long-term partnerships.

“Your renewed presence will help us ramp up production and achieve our national energy objectives. Together, we can build a future of shared growth and prosperity,” he said.

Vaalco Energy’s Managing Director, Pieter Van der Groen, said that the company saw Nigeria as a key investment hub.

He said that it was seeking regulatory guidance for acquiring Svenska’s interest in OML 145, but more importantly, to return to Nigeria and invest in a stronger way.

“As a New York Stock Exchange-listed company, we have access to funding to develop the assets we acquire. We are not here to sit on them; we are here to produce,” he said.