Uche Cecil Izuora
Attracting investment in Nigeria’s oil and gas sector and achieving long-term energy security requires strong political will to implement strategies that are capable of improving competitiveness.
The Society of Petroleum Engineers (SPE) Nigeria Council which offered the advise said urgent, practical reforms are needed to strengthen Nigeria’s energy sector, urging government, regulators and industry players to move beyond policy discussions.
Addressing delegates, on Monday during the opening of the 49th Nigeria Annual International Conference and Exhibition (NAICE) in Lagos, where industry leaders gathered under the theme, “Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience.” SPE Nigeria Council Chairman Francis Nwaochei said Nigeria stands at a defining moment in its energy transition and must adopt bold, coordinated policies to remain competitive in an increasingly changing global market.
“We gather at a defining moment for the global energy industry. The conversations over the next three days must move beyond identifying challenges to developing practical, implementable solutions for Nigeria’s energy sector,” Nwaochei said.
He noted that achieving a resilient energy industry would depend on strong leadership, regulatory certainty, technological innovation and closer collaboration among government institutions, regulators, investors and private sector operators.
The conference attracted policymakers, oil and gas executives, investors, researchers, students and international participants, reflecting sustained confidence in Nigeria’s energy industry despite global market uncertainties.
Participants highlighted recent policy milestones, including the 2025 oil and gas licensing round, which awarded 37 petroleum blocks to 31 companies, as well as the Federal Government’s Decade of Gas Initiative, designed to expand domestic gas utilisation and strengthen energy security.
Delegates also welcomed the proposed ₦4 trillion Power Sector Bond, expected to clear verified debts owed to electricity generation companies and gas suppliers, describing it as a critical intervention that could restore liquidity, improve investor confidence and unlock fresh capital into the sector.
Nwaochei stressed that sustainable growth would require responsible increases in hydrocarbon production alongside stronger local content development, improved ease of doing business and accelerated commercialisation of Nigeria’s vast natural gas reserves.
With more than 17,000 members and over 50 student chapters nationwide, the SPE Nigeria Council remains one of the association’s largest and most active councils globally