Nigeria needs stable policies, stronger security and clear regulations to sustain oil and gas investment in Nigeria amid the global energy transition.
This was the focus of the 2026 annual conference of the Association of Energy Correspondents Abuja FCT, AECAF, held on Thursday at the Nicon Luxury Hotel, Abuja.
The conference was themed “Sustaining Oil and Gas Investment in Nigeria Amid Energy Transition.”
Government officials, regulators, industry experts and energy journalists attended the event.
They discussed how Nigeria can attract fresh investment while responding to changes in the global energy market.
In his welcome address, AECAF Chairman, John Ofikhenua, said Nigeria must take steps to retain investors and attract new capital into the petroleum sector.
Ofikhenua said oil and gas investment had faced several challenges over the years.
He cited the United States shale oil boom and the COVID-19 pandemic as major disruptions to the global energy market.
He also pointed to the global shift towards cleaner energy.
According to him, the energy transition has encouraged some international companies to reduce their fossil fuel investments.
He said some investors also divested from Nigeria’s onshore oil assets.
However, Ofikhenua said recent global events had shown the continued importance of oil and gas to energy security.
He cited the Russia-Ukraine war and conflicts in the Middle East as examples.
The AECAF chairman urged Nigeria to use the changing energy market to attract more investment.
He called for consistent implementation of the Petroleum Industry Act, PIA.
He also urged the government to improve security in the Niger Delta.
According to him, investors need a peaceful environment before committing funds to long-term projects.
Ofikhenua also warned against frequent policy changes.
He said stable policies would help improve investor confidence in Nigeria’s oil and gas sector.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said Nigeria must manage the energy transition without compromising energy security.
Ekpo said Nigeria remained rich in oil and gas resources.
He added that the country must create an investment environment that allows those resources to support economic growth.
The minister identified policy stability, regulatory certainty, competitive fiscal terms, security and efficient project delivery as key factors for attracting investment.
He said the Federal Government was implementing the Petroleum Industry Act 2021 to create a more competitive petroleum industry.
According to him, the reforms are designed to give investors greater certainty and strengthen regulatory institutions.
Ekpo, however, said legislation alone would not be enough.
He said investors also need confidence that government policies will remain consistent.
They also need assurance that projects can move from approval to completion without unnecessary delays.
The minister also highlighted the importance of gas to Nigeria’s economic development.
He said the government wants to increase domestic gas use in power generation, manufacturing, fertiliser production, petrochemicals and transportation.
Ekpo identified the Ajaokuta-Kaduna-Kano, AKK, Gas Pipeline and the OB3 Gas Pipeline as important projects.
He said the infrastructure would help connect Nigeria’s gas resources to domestic markets.
The minister also highlighted efforts to expand liquefied petroleum gas, LPG, and compressed natural gas, CNG.
He said the expansion would help provide cleaner and more affordable energy for households and businesses.
Ekpo said Nigeria’s energy transition must reflect the country’s development needs.
Millions of Nigerians still need reliable electricity, while many households need access to cleaner cooking fuels.
He therefore described natural gas as an important transition fuel.
He also said gas could support industrialisation and economic growth.
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, also called for more competitive oil and gas projects.
The Director of Surface Development represented the Commission Chief Executive, Oritsemeyiwa Eyesan, at the conference.
He said Nigeria must continue attracting investment into its oil and gas resources.
According to him, such investment must support energy security and national development.
He said investors are increasingly looking for projects that can compete on cost.
They also want reliable production and stronger environmental standards.
The NUPRC representative disclosed that Nigeria’s proved and probable reserves stood at 37.01 billion barrels of oil and condensate as of January 1, 2026.
He added that the country had 215.19 trillion cubic feet of gas reserves.
He said NUPRC was working to convert these resources into commercially viable projects.
The commission also stressed the importance of regulatory certainty.
The representative said investors need clear requirements and timely decisions throughout the project cycle.
This includes development planning, production and eventual closure.
He also urged operators to submit sound development plans and meet their regulatory obligations.
According to him, companies can reduce project costs by improving drilling, logistics and infrastructure.
He also identified emissions reduction and production downtime as areas requiring attention.
The conference featured two major panel sessions.
The first was titled “Creating a Competitive Investment Climate for Nigeria’s Oil and Gas Industry.”
The session examined fiscal reforms, regulatory certainty, financing security and host communities.
It also considered the impact of the energy transition on Nigeria’s petroleum industry.
THISDAY editor Emmanuel Addeh moderated the session.
The second panel focused on the role of the media in Africa’s energy transition.
It was titled “Telling Africa’s Energy Story: Strategic Communication and Energy Transition.”
PUNCH business correspondent Damilola Aina moderated the discussion.
The panel examined energy reporting and development.
It also discussed how credible journalism can improve public understanding and investor confidence.
Other issues included climate reporting, data journalism, methane emissions and environmental accountability.
The speakers also stressed the need for stronger African voices in global energy discussions.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, delivered a special address on Nigeria’s upstream investment outlook.
The conference also featured a keynote address by Engr. Elvis Duruji, who represented the Executive Director of the Midstream and Downstream Gas Infrastructure Fund.
Duruji spoke on “De-risking Domestic Gas Infrastructure — The Missing Link to Private Investment.”
His presentation focused on reducing investment risks in domestic gas infrastructure.
He also examined ways to attract more private capital into Nigeria’s midstream and downstream gas sectors.
The conference marked an important milestone for the Association of Energy Correspondents Abuja FCT.
Ofikhenua disclosed that the association had changed its name from the Energy Correspondents Association of Nigeria, ECAN, to AECAF.
He said the association completed its registration with the Corporate Affairs Commission.
He also disclosed that AECAF now has its own bank account.
The association has members from print, broadcast and online media.
Ofikhenua reaffirmed AECAF’s commitment to professional and ethical journalism.
He said the association would continue to provide accurate coverage of Nigeria’s oil and gas industry.
The conference ended with calls for stronger cooperation between government, regulators, investors, industry operators and the media.
The discussions focused on creating the conditions needed to sustain oil and gas investment in Nigeria while the country responds to the changing global energy landscape.
