Nigeria is urging oil and gas investors to reach Final Investment Decisions (FID) within six months or less as the government moves to accelerate investment and boost crude oil and gas production.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made the call in Abuja on Wednesday while speaking at the signing of the FID for the Ima gas project by TotalEnergies and AMNI International Petroleum Development Company.
Lokpobiri said shortening the FID process would help the industry move projects from planning to actual investment more quickly.
He urged operators to work with the government to remove regulatory and bureaucratic delays that have slowed the development of oil and gas projects in Nigeria.
According to the minister, investors should no longer have to spend several years before reaching a final decision on major projects.
“I don’t see the reason why it would take you years to be able to get to FID,” Lokpobiri said, appealing to industry players to find ways to complete the process within a much shorter period.
He said the government was prepared to support efforts aimed at creating a faster and more efficient investment environment for the sector.
The push comes as Nigeria seeks to attract fresh capital into its oil and gas industry after years of concerns over regulatory uncertainty, project delays and declining investment.
Lokpobiri also described Nigeria as one of the most attractive investment destinations globally, stressing the need for investors to take advantage of the opportunities available in the country.
The minister’s comments came against the backdrop of the Ima gas project, whose FID represents a major step toward moving the development from planning into execution.
For Nigeria, faster FID approvals could translate into quicker project development, increased production and greater government revenue from the petroleum sector.
The government has increasingly focused on creating conditions that can encourage international oil companies and indigenous producers to commit capital to new projects.
The six-month target therefore reflects Abuja’s broader push to reduce delays across the investment cycle and ensure that projects approved by investors move quickly toward construction and production.
For operators, however, reaching FID depends on several factors, including commercial viability, financing, technical studies, regulatory approvals and market conditions.
The government’s challenge will be to ensure that efforts to accelerate FID timelines are matched by a regulatory system capable of providing investors with clarity and certainty.
Lokpobiri maintained that faster decisions are achievable if industry stakeholders work together to address existing bottlenecks.
Nigeria is hoping that a shorter path to FID will strengthen investor confidence, unlock delayed projects and help the country maximise its oil and gas resources.
