Different systemic issues, including inconsistent policy implementation, weak regulatory capacity, and entrenched bureaucratic inefficiencies, have continued to cloud optimism and investor confidence initially sparked by two major reforms in Nigeria’s oil industry, a survey has revealed.
The reforms – namely the Petroleum Industry Act (PIA) 2021, and the Presidential Executive Orders – introduced by President Bola Tinubu, garnered over 75 per cent positive rating among stakeholders, according to the 2025 Investor Perception Survey, conducted by Arbiterz Conferences, in collaboration with Good Governance Africa (GGA).
The survey provided a unified and urgent message to the Nigerian government and its oil and gas regulators, stressing the need for consistent execution and confidence-building.
Titled, “Investor Perceptions of Nigeria’s Regulatory and Policy Reforms in the Oil and Gas Sector,” the survey captured a nuanced industry outlook: cautious optimism driven by recent reforms, such as PIA and Executive Orders, tempered by continued concern over implementation delays, regulatory inefficiencies, and persistent structural challenges.
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 in Lagos for the public presentation of the new investor sentiment survey.
Designed as a masterclass, the conveners said the event will provide a focused platform for Nigerian asset and project owners to understand what global investors looked for, and explore how best to structure, position, and present their gas projects to attract the capital needed to unlock their full potential.
Speaking during the public presentation of the report, Founder of Arbiterz Conferences, Dr. Abimbola Agboluaje, stated that respondents’ perceptions were shaped by their historical experiences with past reform efforts in the sector as they were by the current design and implementation progress of the Petroleum Industry Act and the Presidential Executive Orders.
Agboluaje stated, “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.
Stating that the overarching message was clear, the report said Nigeria’s inherent advantages, such as its substantial hydrocarbon reserves and recent governance changes, could 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 highlighted 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, the report revealed that concerns about inconsistent policy implementation persisted, 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, Executive Director of Good Governance Africa, Dr. Ola Bello, stressed the role of data-driven policy dialogue in repositioning Nigeria as a credible investment destination.
He stated, “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.”
In his remarks, special guest at the event and Managing Director of SellyFak Energy, Mr. Stanley Fagbule, urged stakeholders to treat the survey findings not merely as feedback but as a call to action.
Reflecting on the evolving policy landscape, Fagbule acknowledged the positive momentum driven by the PIA and recent Executive Orders, while cautioning that investor optimism remained tempered by concerns over regulatory delivery.
He called for a decisive shift from reform design to implementation, stating that licensing, approvals, and inter-agency coordination must be streamlined to standards that are globally competitive.
Fagbule said, “We are standing at a crossroads. 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.”
Managing Director of Africa Business Convention, Dr. Ogho Okiti, stated that while reform progress in Nigeria’s oil and gas sector was evident, the slow pace of implementation and fragmented inter-agency coordination remained key concerns.
Okiti emphasised that aligning oil and gas policy with national development goals was essential to boost investor confidence, especially in the gas sector, which held immense potential.
He cautioned that there was too much focus on macroeconomic issues, arguing that no economy develops on the basis of macro alone.
Okiti added, “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.”
Partner at Bloomfield LP, Dr. Ayodele Oni, stressed the importance of certainty, clarity, and the enforcement of rights for investors. Oni said these factors were crucial to attracting investment in Nigeria’s oil and gas sector.
He emphasised that effective reforms depended on having the right people in place to implement policies and laws.
Oni also highlighted the need for better coordination among regulatory bodies and a more transparent judiciary to ensure that policy changes were consistently and fairly enforced.
He said, “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.”
In his intervention, Publisher of Africa Oil & Gas Report, Mr. Toyin Akinosho, emphasised that while reforms in Nigeria’s oil and gas sector were welcome, stakeholders were cautiously optimistic, with over half rating the progress only “somewhat positive”.
Compared to emerging markets, like Qatar, Akinosho said Nigeria still needed to prove consistency in implementation.
He stated that exploration and production investors were 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,” he added.
The conveners said the event served as a strategic prelude to the September event, Pitching Nigerian Gas to Global Capital.
They stated that the upcoming forum aimed 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.
Peter Uzoho
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