By: Business post

Nigeria’s Ministry of Petroleum Resources has been awarded the "Reformer of the Year" at the Africa Energy Week: Invest in African Energies 2025 conference. The award, presented by the African Energy Chamber (AEC), recognises the country's comprehensive efforts to transform its oil and gas industry through landmark legislation and new executive orders.

The reforms, spearheaded by the landmark Petroleum Industry Act (PIA) of 2021, are designed to attract investment, boost production, and foster a more transparent and competitive energy sector.

Unlocking Billions in Investment

According to the AEC, these policy shifts have already yielded significant results, unlocking over $17 billion in foreign investment since the PIA commenced. NJ Ayuk, Executive Chairman of the AEC, commended the Ministry's "extraordinary leadership," stating that Nigeria’s reforms are "unlocking billions in investments, advancing infrastructure and ensuring energy development directly benefits its people."

• The legislative overhaul has fundamentally restructured the sector by:
• Unbundling the state-owned Nigerian National Petroleum Company (NNPC) into a commercially oriented entity.
• Establishing a modernized regulatory framework.
• Introducing fiscal terms designed to incentivize investment in exploration and production.

Ambitious Production Goals and Key Projects

Building on this momentum, President Bola Tinubu signed a major Executive Order on Oil and Gas Sector Reform in April 2025 to further improve management and cost competitiveness.

Nigeria's strategic goals are clear: to increase oil production to over two million barrels per day while advancing its role as a regional gas hub. Several major initiatives are progressing under the new investment climate, including:

• The $10 billion Nigeria-Morocco Gas Pipeline.
• The ongoing Ajaokuta-Kaduna-Kano (AKK) pipeline development.
• Multiple deepwater Final Investment Decisions (FIDs) by international operators.

Concurrently, the Ministry is accelerating the development of modular refineries and enhancing downstream transparency, solidifying the country's position as a leader in Africa's energy landscape.