Vice President Kashim Shettima has said Nigeria’s oil blocks are now being awarded through open and competitive processes, making it possible for investors without political connections to secure upstream assets.

Shettima made the statement in Abuja while representing President Bola Tinubu at an event marking the fifth anniversary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

He said a friend of his recently secured an upstream asset despite having no political connection, describing the process as fair and transparent.

According to the Vice President, the Federal Government is working to position Nigeria as a preferred destination for long-term investment in the oil and gas industry by providing clearer regulatory terms and strengthening compliance and accountability.

He said the Petroleum Industry Act had helped reduce uncertainty in the sector by establishing clearer rules for licensing, investment and operations.

Shettima also highlighted the role of NUPRC in restoring investor confidence and improving crude oil production. He noted that efforts to tackle oil theft and pipeline vandalism had helped reduce crude losses and create more stability in production.

He said more than 170 host communities had benefited from development projects, while the government was also working to address challenges linked to high project costs and delays in contracting.

The Vice President added that the Deep Offshore Oil and Gas Project Incentive Tax Remission Order 2026 could unlock up to $50bn in investment, beginning with the Bonga South-West project.

Shettima urged the upstream regulator to maintain transparency and predictable timelines in the award of oil assets, while calling on beneficiaries to meet their work programme, local content, environmental and host community obligations.

He also stressed the need to increase investment in Nigeria’s gas sector as part of efforts to maximise the country’s hydrocarbon resources.