The reforms being carried out by President Bola Tinubu in the oil and gas sector will only attract investors if well implemented, a survey has shown.
A 2025 Investor Perception Survey conducted by Arbiterz Conferences, in collaboration with Good Governance Africa, provided a unified and urgent message to the Nigerian government and its oil and gas regulators.
According to the survey, the Petroleum Industry Act and recent Executive Orders have sparked cautious optimism and increased investor interest, with over 75 per cent of respondents rating the reforms positively.
However, it was disclosed that systemic issues continue to cloud investor confidence.
“Chief among these are inconsistent policy implementation, weak regulatory capacity, and entrenched bureaucratic inefficiencies,” the report said.
The 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 PIA and the Presidential Executive Orders.
Participants reiterated the critical need for credible execution, enhanced transparency, improved institutional coordination, and targeted incentives, particularly within the gas sub-sector.
“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 revealed.
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,” it was stated.
Speaking on behalf of the survey’s conveners, the 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.
In his remarks, the 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, 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.
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.”
During a panel discussion heralding the 2025 conference, the Managing Director of Africa Business Convention, Dr Ogho Okiti, 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.
Òkiti emphasised 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.
A partner at Bloomfield LP, Dr Ayodele Oni, 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.
Also, Mr Toyin Akinosho of Africa Oil & Gas Report emphasised 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 stated.
The survey was a build-up to the Licence 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‘.
