Nigeria has recorded its first inflow of oil sector investments in more than ten years, following policy changes introduced by President Bola Tinubu’s administration.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, revealed the development in a statement on Thursday after speaking at an energy partnership forum organised by the United States–Nigeria Council during the UN General Assembly in New York.

Lokpobiri explained that the nation’s oil sector had experienced a long freeze, with investor confidence eroded and several blocks lying idle. He said that trend has now been reversed, with fresh commitments worth billions of dollars secured.

“The past decade brought little or no new capital into our oil industry. That era is over,” the minister said. “Nigeria is now offering a clear, stable, and competitive environment for global investors.”

He highlighted reforms such as the enactment of the Petroleum Industry Act, fuel subsidy removal, deregulation of the downstream market, and renewed focus on gas utilisation as key drivers of the turnaround. These steps, he noted, have given investors clarity and long-term assurance.

The federal government is targeting $30 billion in energy investments by 2027 and expects the figure to reach $60 billion by 2030.

While stressing that crude oil will continue to play a vital role in Nigeria’s energy mix, Lokpobiri assured that the country remains committed to its climate obligations under the Paris Agreement and will pursue cleaner, more responsible exploration practices.

He also urged both U.S. companies and global players to take advantage of the renewed opportunities across Nigeria’s oil and gas value chain, saying the country is regaining its place as a dependable regional energy hub.

“Reforms have put Nigeria back on the global energy map,” Lokpobiri said. “The time for investors to engage with us is now.”