Nigeria has renewed its appeal to global Engineering, Procurement, and Construction (EPC) companies, assuring them of a transformed investment environment backed by bold reforms and competitive incentives.
At the EPC Deepwater Investment Roundtable organized by the Oil Producers Trade Section (OPTS), the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, urged EPC giants to return, stressing that challenges that once hindered their operations, ranging from contracting inefficiencies to regulatory ambiguity and fiscal uncertainty—have been addressed.
“When we say Nigeria is open for business, it is not mere rhetoric. The landscape has changed, and International Oil Companies already operating here can attest to the results,” the Minister said.
He pointed to the Petroleum Industry Act (PIA) as a major driver of reforms, citing streamlined fiscal terms, clearer regulations, and enhanced security collaboration with the Navy and other agencies.
In a statement signed by special Adviser Media and Communication to the Minister, Nneamaka Okafor, Lokpobiri emphasized that while EPC firms are critical, their return depends on active investments by International Oil Companies and Final Investment Decisions (FIDs). “The EPCs will not return if there are no projects. And there can be no projects without operators investing. We must keep the project pipeline flowing,” he urged.
He further outlined the incentives under the PIA, which include: reduced royalty rates for deep offshore production, removal of cost recovery limits, tax credits for frontier exploration, protection of contract sanctity, and shorter contracting cycles. These incentives, he noted, will benefit both operators and EPC contractors.
Highlighting Nigeria’s deepwater basin as “a massive space of opportunity,” Lokpobiri encouraged EPC firms to reassess Nigeria through the lens of progress and potential. “We are not just committed; we are deliberate. We are removing barriers, incentivising performance, and building lasting partnerships. But we need your expertise, your technology, your capacity. Let us do this together,” he declared.
The roundtable ended with renewed commitment between government, EPC contractors, and deepwater operators to drive new projects, expand local content, and deliver shared prosperity.
