Nigeria is aggressively pushing reforms in its oil sector at the 2025 United Nations General Assembly (UNGA), seeking robust investment from the United States and global partners to boost growth and position itself as a key energy hub. At the same time, the Central Bank of Nigeria (CBN) assures that inflation and currency risks remain under control despite global economic headwinds.

Speaking at the UNGA in New York, Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, highlighted sweeping reforms aimed at revitalizing the country’s oil industry. “The time to invest is not just now, it is ripe,” Lokpobiri declared, underscoring that Nigeria’s oil sector is now “ripe for investment” after years of stagnation. He cited the Petroleum Industry Act (PIA) as a “game-changer” that provides a strong legal framework supporting investor confidence and competitive fiscal policies.

Lokpobiri emphasized that Nigeria seeks “deeper, smarter, and more strategic partnerships” with U.S. and global investors to unlock its full potential. The Minister noted that all inactive oil blocks have been opened for development, and new capital inflows are accelerating upstream exploration, refining, and infrastructure projects. He stressed Nigeria’s commitment to balancing fossil fuel production with sustainable energy exploration in alignment with the Paris Agreement goals on climate change.

“The government is balancing our reliance on fossil fuels with a strong commitment to cleaner, more sustainable exploration,” Lokpobiri said, framing Nigeria’s energy sector as a reliable partner for West Africa and the continent at large.

On the economic front, the Central Bank of Nigeria has taken significant steps to stabilize the macroeconomic environment. The bank recently cut its key interest rate by 50 basis points to 27 percent—the first rate easing since 2020—reflecting a positive macroeconomic shift. CBN Governor Olayemi Cardoso explained that this move was driven by five consecutive months of falling inflation and a stronger Nigerian Naira, now trading above 1,500 to the U.S. dollar after positive policy interventions.

“Our focus remains on price stability and managing disinflation,” Cardoso said, highlighting improved foreign exchange market stability, narrowing exchange rate disparities, and external reserves rising above $40 billion as indicators of economic resilience. The CBN is also transitioning to an inflation-targeting framework to consolidate gains and improve purchasing power amid global economic challenges.

Analysts see Nigeria’s oil sector reforms coupled with the CBN’s monetary discipline as critical components for attracting fresh investments and supporting sustained economic growth. The bold policy reforms reflect President Bola Tinubu’s administration’s desire to transform Nigeria’s abundant natural resources into long-term wealth and industrial development.

For everyday Nigerians, these reforms promise increased employment opportunities in oil and energy sectors, potential boosts in government revenues for public services, and greater economic stability with controlled inflation.

Looking forward, Nigeria aims to leverage the momentum from UNGA 2025 to deepen engagement with global investors and international financial institutions. The government plans further streamlined regulations and incentives, seeking to position Nigeria not only as Africa’s foremost oil producer but a hub for integrated energy solutions within a sustainable development framework.

As reforms gain traction, Nigeria’s success hinges on continued investor confidence, policy consistency, and balanced economic management amidst complex global dynamics. The UNGA platform has opened a promising chapter for Nigeria’s oil sector and broader economic aspirations.