The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri said Nigeria remains a titan of African energy – expecting $50 billion worth of investments in the sector, before the end of the year.
The minister, who spoke with journalists in Abuja on Tuesday, said that President Bola Ahmed Tinubu’s policy direction has revolutionized the oil sector in the last year and made it very attractive to both local and foreign investors.
Explaining that the quickest way to fix the nation’s socio-economic challenges is through the oil sector, the minister said the federal government is working very hard to use oil resources to industrialize the country.
Lokpobiri said: ‘’The ongoing reform in the oil sector is attracting investors; we have addressed their concerns and we have regained their confidence. We are expecting about $50 billion worth of investment to come in before the end of the year, and once more investors come in, our oil production will increase.
‘’There are so many oil wells that were drilled and locked up; and part of my mandate is to open up those wells to boost our oil production.’’
