Ondo woos investors to unlock oil, gas potential, targets production growth
By Julius Alabi, Akure
Ondo State is intensifying efforts to attract fresh investments into its oil and gas industry, with Governor Lucky Orimisan Aiyedatiwa seeking increased exploration, production and strategic partnerships to unlock the state’s hydrocarbon resources and stimulate economic growth.
The governor said the state, which ranks fifth among Nigeria’s oil-producing states, was positioning itself to attract reputable local and international investors through a secure business environment, stronger institutional collaboration and policies aimed at promoting sustainable resource development.
Aiyedatiwa made the call on Monday at the 44th Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE), held at Eko Hotels and Suites, Victoria Island, Lagos.
His remarks underscored the administration’s ambition to translate Ondo’s oil and gas potential into increased economic activities, job creation, industrial expansion and improved living standards for residents.
He assured prospective investors of the state’s readiness to support credible business ventures, declaring: “Ondo State is one of the safest states in Nigeria, one of the most secure states in Nigeria for investment.”
The governor said petroleum remained central to Nigeria’s economic growth and national development, stressing that unlocking the country’s hydrocarbon potential required renewed investment in exploration, improved geological intelligence and the adoption of emerging technologies.
According to him, increased production and energy security would strengthen Nigeria’s economic diversification drive and improve the competitiveness of its industrial sector.
He reaffirmed his administration’s commitment to creating an investment-friendly environment capable of attracting strategic capital, strengthening partnerships and expanding opportunities across the oil and gas value chain.
Beyond production figures and government revenues, Aiyedatiwa emphasised the need to ensure that oil exploration delivers tangible economic benefits to host communities.
“The true value of natural resources must transcend production statistics, export earnings and government revenues,” he said.
“The ultimate justification for resource exploitation lies in its capacity to transform lives, empower communities and create enduring shared prosperity.”
He explained that his administration was prioritising development interventions in oil-producing communities, particularly in infrastructure, education, healthcare, youth empowerment and sustainable livelihoods.
The governor described host communities as critical stakeholders in petroleum development, insisting that they must have equitable access to economic opportunities and meaningful benefits from oil operations.
He maintained that responsible exploration and production should create a multiplier effect across the local economy, enabling businesses, skilled workers and communities to benefit from activities in the sector.
On the development of indigenous capacity, Aiyedatiwa called for a shift from Nigeria’s traditional position as a resource-producing nation to one that also serves as a hub for technical expertise, scientific innovation, technological advancement and industrial value creation.
He advocated stronger collaboration among universities, research institutions, professional bodies such as NAPE and indigenous oilfield service companies to deepen local participation and build the technical capacity required to compete in the global energy industry.
He also stressed the importance of knowledge transfer, applied research and industry-academia partnerships in preparing young Nigerian geoscientists, engineers and other professionals for emerging opportunities.
Addressing the global energy transition, the governor said the movement towards cleaner energy sources must take into consideration the economic realities, developmental needs and energy requirements of emerging economies such as Nigeria.
He described the conference theme, “Unlocking More Barrels: Driving Reserves Growth Through Exploration, Local Capability and Adaptive Technology,” as particularly relevant to Nigeria’s ambition to increase production and strengthen its position in the global energy market.
He urged industry stakeholders to develop practical recommendations and sustainable partnerships that would attract investment, improve operational efficiency, expand indigenous participation and create opportunities for the next generation of energy professionals.
Speaking at the conference, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, called for increased investment, collaboration and sustainable production to strengthen Nigeria’s position in the changing global energy landscape.
Lokpobiri said Nigeria was strategically positioned to benefit from developments in the international energy industry but warned that stakeholders must take deliberate steps to ensure the country did not miss emerging opportunities.
He also called for greater support for universities, practical engineering training and manpower development, noting that a skilled workforce remained essential to sustainable exploration and production.
Similarly, the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, disclosed that Nigeria’s natural gas reserves stood at 215 trillion cubic feet as of January 1, 2026.
Ekpo, who was represented by the ministry’s Director, Elisha Benjamin, said the country’s enormous gas reserves presented an opportunity to emerge as a leading global supplier.
He, however, stressed that converting the resource potential into economic prosperity would require sustained investment in exploration, production, industrial development and infrastructure.
The minister identified exploration for non-associated gas, advanced seismic imaging and artificial intelligence as important tools for unlocking additional reserves and improving the country’s gas production capacity.
In her lecture, the Special Adviser to the President on Energy (Oil and Gas), Olu A. Verheijen, called for the removal of barriers limiting Nigeria’s progress in the energy industry, urging stakeholders to work towards unlocking greater opportunities for national development.
Earlier, NAPE President, Olajumoke Cecilia Ajayi, called for increased investment in Nigerian professionals and indigenous companies, stressing that the country’s ability to discover new oil reserves depended on geological expertise, technology, investment and human capacity development.
Ajayi, who is also the Managing Director and Chief Executive Officer of West African Exploration and Production Company, said Nigeria must move local content development beyond participation to building the technical and operational capabilities required to handle increasingly complex exploration challenges.
“If we are to unlock Nigeria’s next generation of barrels, we must also unlock the potential of our people,” she said.
Also speaking, the Country Manager of LMK-Halliburton Nigeria and Chairman of the Conference Planning Committee, Dr Anthony Ofoma, urged petroleum professionals to embrace technological innovation, continuous learning and collaboration to unlock greater value from exploration activities.
For Ondo State, the governor’s engagement at the conference represents an opportunity to place its hydrocarbon resources before potential investors while advancing discussions around exploration, local capacity development and community benefits.
The administration is seeking to ensure that increased oil and gas activities translate into more investment, employment, infrastructure development and broader economic opportunities for the state.
