Survey Reveals Investor Optimism on Nigeria’s Oil and Gas Reforms, But Stresses Need for Consistent Execution and Confidence-Building

As part of the build-up to the 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”—key stakeholders in Nigeria’s energy sector gathered at the Radisson Blu Hotel, Victoria Island, Lagos, for the public presentation of a new investor sentiment survey.

Titled Investor Perceptions of Nigeria’s Regulatory and Policy Reforms in the Oil and Gas Sector, the 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.

This survey and the panel discussion of the results serve as a critical prelude to the upcoming event, Pitching Nigerian Gas to Global Capital: How to Structure for Success and Unlock Investment in High-Value Gas Projects. Designed as a masterclass, the event will provide a focused platform for Nigerian asset and project owners to understand what global investors look for, and to explore how best to structure, position, and present their gas projects to attract the capital needed to unlock their full potential.

The 2025 Investor Perception Survey, conducted by Arbiterz Conferences, in collaboration with Good Governance Africa (GGA), provides a unified and urgent message to the Nigerian government and its oil and gas regulators. While the Petroleum Industry Act (PIA) and recent Executive Orders have sparked cautious optimism and increased investor interest – with over 75% of respondents rating the reforms positively – systemic issues continue to cloud investor confidence. Chief among these are inconsistent policy implementation, weak regulatory capacity, and entrenched bureaucratic inefficiencies.

Dr. Abimbola Agboluaje, Founder of Arbiterz Conferences, 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. 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”.

Participants reiterated the critical need for credible execution, enhanced transparency, improved institutional coordination, and targeted incentives, particularly within the gas sub-sector. The overarching message is clear: Nigeria’s inherent advantages – such as its substantial hydrocarbon reserves and recent governance changes – can only translate into sustained capital inflows if matched by a stable and investment-oriented regulatory framework capable of delivering on reform promises.

The survey findings highlight notable progress—such as clearer licensing procedures, more active engagement between regulators and private sector stakeholders, and a cautious but growing optimism around Nigeria’s gas agenda. However, concerns about inconsistent policy implementation persist, reinforcing the need for government and regulatory agencies to focus on steady, transparent execution in order to consolidate recent gains, sustain investor optimism, and build lasting confidence in the sector.

Delivering the welcome address on behalf of the survey’s conveners, Dr. Ola Bello, Executive Director of Good Governance Africa, emphasised the role of data-driven policy dialogue in repositioning Nigeria as a credible investment destination. “Looking ahead to the September event, I think today’s conversation sets a good basis for advancing these discussions. Nigeria’s economic diplomacy should focus more on engaging our domestic private sector to drive growth in oil and gas, while also attracting key international investors,” he said.

In his remarks, the Special Guest, Mr. Stanley Fagbule, Managing Director of SellyFak Energy, urged stakeholders to treat the survey findings not merely as feedback but as a call to action. Reflecting on the evolving policy landscape, he acknowledged the positive momentum driven by the Petroleum Industry Act and recent Executive Orders, while cautioning that investor optimism remains tempered by concerns over regulatory delivery. He called for a decisive shift from reform design to implementation, noting that licensing, approvals, and inter-agency coordination must be streamlined to standards that are globally competitive.

“We are standing at a crossroads,” Fagbule said. “The message from investors is clear: they want transparency, continuity, and credible enforcement. The announcement of critical reforms suggests commitment and that is progress, but this is not enough—we must now deliver. Let us take this survey as both a challenge and an opportunity to build a more attractive, transparent, and prosperous oil and gas sector for Nigeria.”

A panel discussion featuring three prominent energy experts provided additional depth to the conversation. Dr. Ogho Okiti, Managing Director of Africa Business Convention, noted that while reform progress in Nigeria’s oil and gas sector is evident, the slow pace of implementation and fragmented inter-agency coordination remain key concerns. He emphasized that aligning oil and gas policy with national development goals is essential to boost investor confidence, especially in the gas sector, which holds immense potential. However, he cautioned that there is too much focus on macroeconomic issues, arguing that no economy develops on the basis of macro alone. Coordinated policy execution, targeted incentives, and infrastructure investment are needed to unlock long-term opportunities. “To attract serious investment, we must align oil and gas reforms with national goals, fix FX constraints, and go beyond macro fixes to create real sector growth, especially in gas.”

Dr. Ayodele Oni, Partner at Bloomfield LP, stressed the importance of certainty, clarity, and the enforcement of rights for investors, noting that these factors are crucial to attracting investment in Nigeria’s oil and gas sector. He emphasized that effective reforms depend on having the right people in place to implement policies and laws. Dr. Oni also highlighted the need for better coordination among regulatory bodies and a more transparent judiciary to ensure that policy changes are consistently and fairly enforced. “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.”

Mr Toyin Akinosho, Publisher of Africa Oil & Gas Report, emphasized that while reforms in Nigeria’s oil and gas sector are welcome, stakeholders are cautiously optimistic, with over half rating the progress only “somewhat positive.” Compared to emerging markets like Qatar, Nigeria still needs to prove consistency in implementation. He noted that E&P investors are seeking action, not just policy declarations. He also highlighted that success stories – such as local capacity growth and untapped gas reserves – must be communicated more effectively to attract investment and reshape investor perceptions. “Investors want to see movement, not just momentum. Nigeria has great stories to tell – especially in gas – but we need to tell them boldly and back them with consistent action.”

“The event served as a strategic prelude to the September event, Pitching Nigerian Gas to Global Capital. The upcoming forum aims to equip Nigerian gas project sponsors with the insights, tools, and investor-facing strategies needed to structure their ventures credibly, address funders’ concerns, and unlock the global capital essential to accelerating gas development in Nigeria at scale.

There are early signs that the Presidential Executive Orders on Oil and Gas are beginning to stimulate investment activity. According to the CEO of a leading Nigerian oil and gas producer, the industry’s rig count has risen by approximately 30% compared to levels before the Executive Orders were issued. He further noted that investors, including the U.S. Export-Import Bank, are showing increased willingness to finance Nigerian oil and gas projects, signalling a growing receptiveness to Nigeria’s evolving regulatory and investment landscape.

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