The Federal Government has called on major Engineering, Procurement and Construction firms to return to Nigeria’s oil and gas industry. He recently insisted that the challenges that once forced them out have been rectified via reforms and new incentives.
In a press statement by Nneamaka Okafor, the Special Adviser on Media and Communication to the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, told participants at the EPC Deepwater Investment Roundtable in London, organised by the Oil Producers Trade Section, that the country’s oil landscape has changed and is now open for business.
He stressed that the government has undertaken major reforms to boost investor confidence and guarantee long-term stability in the sector.
“When we say Nigeria is open for business, we’re not making a statement of intent; we’re pointing to the reforms we’ve implemented, the policies we’re enacting, and the partnerships we’re building. The landscape has changed, and this can be confirmed directly from the IOCs, who are members of the OPTS, who are already seeing the results,” he said.
Noting that various EPC giants have previously scaled down or exited Nigeria altogether due to contracting inefficiencies, regulatory uncertainty, security concerns, and fiscal instability, he maintained that the hurdles have been cleared at last.
He concluded by saying that the government has since committed to globally competitive incentives for deepwater operations.
“But those reasons no longer exist. Through the Petroleum Industry Act, we have streamlined fiscal terms, strengthened regulatory clarity, and committed to project security in partnership with the Nigerian Navy and other security agencies.
The EPCs will not return if there are no projects. And there can be no projects if operators are not investing. I want to thank those who are already leveraging what the government is doing, but we must do more. The projects must flow for the EPCs to come back.
These giant EPC companies, who once left, are exactly the kind of players who can thrive in deepwater. The same way we have fine-tuned incentives for operators, we will ensure those benefits are extended to EPCs, because without the EPCs, these projects cannot be delivered.
The Government is not just committed; we are deliberate. We are removing barriers, incentivising performance, and building partnerships that last. But we need you, your expertise, your technology, your capacity. Let us do this together,” he added.
Folami David is a dynamic journalist who views the world through an analytical lens, translating complex narratives across multiple industries into compelling stories. With an insatiable appetite for information and a keen eye for emerging trends, Folami specializes in uncovering the interconnections between technology, business, culture, and society.
