Experts in the Nigerian oil and gas sector have said that the government would need to back the ongoing reforms in the sector with incentives to attract investors.
The experts spoke during the public presentation of the 2025 Investor Perception Survey, conducted by Arbiterz Conferences, in collaboration with Good Governance Africa (GGA).
Managing Director of Africa Business Convention, Dr. Ogho Okiti, while commending the government for its ongoing reform efforts, highlighted persistent issues slowing down progress.
“To attract serious investment, we must align oil and gas reforms with national goals, provide incentives, fix FX constraints, and go beyond macro fixes to create real sector growth, especially in gas,” he said.
According to Dr. Okiti, Nigeria risks missing out on long-term opportunities in the gas sub-sector if reforms are not backed by targeted incentives and infrastructure development.
He also flagged the lack of inter-agency coordination and execution gaps, stressing that policy alignment with broader national development objectives is critical to restoring investor confidence.
Addressing legal constraints
Partner at Bloomfield LP, Dr. Ayodele Oni, also echoed these concerns, emphasizing the importance of predictability in Nigeria’s legal and regulatory environment.
For him, the quality of implementation hinges not only on having the right laws but also the right people to execute them.
“Investors seek certainty and clarity. Without these, investment will not flow. It’s crucial that the right people are in the right places to implement policies effectively, and that regulatory bodies and the judiciary work together to provide a stable environment for investment,” Dr. Oni stated.
He called for better alignment among regulatory agencies and a more transparent judicial process, saying such coordination would go a long way in ensuring fairness and consistency in the enforcement of new policies.
- Meanwhile, Mr. Toyin Akinosho, Publisher of Africa Oil & Gas Report, painted a more cautious picture.
- While acknowledging the positive direction of recent reforms, he noted that stakeholders remain reserved in their optimism.
- Citing comparisons with emerging markets like Qatar, Akinosho said Nigeria still struggles to show sustained policy execution.
- He urged stakeholders to communicate success stories such as growing local capacity and the country’s vast untapped gas reserves more strategically to reshape international investor perceptions.
The Survey
The investor perception survey captures a nuanced industry outlook: cautious optimism driven by recent reforms such as the Petroleum Industry Act (PIA) and Executive Orders, tempered by continued concern over implementation delays, regulatory inefficiencies, and persistent structural challenges.
Founder of Arbiterz Conferences, Dr. Abimbola Agboluaje, noted that “respondents’ perceptions are shaped as much by their historical experiences with past reform efforts in the sector as they are by the current design and implementation progress of the Petroleum Industry Act and the Presidential Executive Orders.
- He noted that in future editions of the survey, respondents’ perceptions will increasingly be influenced by the tangible outcomes of the Petroleum Industry Act and the Presidential Executive Orders—specifically, how effectively these reforms are being implemented and the extent to which they are driving real investment into the sector”.
- Also commenting on the Survey, Executive Director of Good Governance Africa, Dr. Ola Bello, emphasised the role of data-driven policy dialogue in repositioning Nigeria as a credible investment destination.
- According to him, the survey serves as a prelude to an upcoming event License to Energy series of Arbiterz Conferences, scheduled for September 2025 with the theme “Pitching Nigerian Gas to the World: How to Structure for Success and Unlock Investment in High-Value Gas Projects.”
