Governor Sule makes case for investors to develop Nigeria’s deep shore oil potentials

…attributes improved resources to Tinubu’s reforms

Governor Abdullahi Sule of Nasarawa State has called on investors to focus on Nigeria’s vast and largely untapped deep shore and inland basin oil potentials.

Governor Sule stated that the recent reforms by President Bola Tinubu have made more financial resources available to all levels of government, creating a better environment for investment than ever before.

The governor made these remarks on Tuesday in Abuja while representing the Chairman of the Nigeria Governors’ Forum at the launch of a new investment platform called NGF Investopedia.

Drawing from his extensive experience in the oil and gas industry, he explained that Nigeria’s real opportunities lie beyond the current exploration sites.

He mentioned specific under-explored areas like the Benue Trough, which stretches across several states, the Anambra Basin, and the Benin Basin.

“Oil and gas in Nigeria are still very much under explored. I have the opportunity to visit so many countries exploring oil and gas while I work in the US for an oil and gas company. That opportunity has opened up to say that Nigeria’s real onshore basins are not even explored at all.

“If you look at the Benue Trough that starts from Calabar, going to Gombe, through Nasarawa and Plateau, all the way to the Lake Chad Basin, the opportunities there are not yet explored at all,” he stated.

Governor Sule revealed that the Nigerian National Petroleum Company Limited has already begun exploratory drilling in places like Gombe, Nasarawa, and the Lake Chad Basin, proving the existence of significant resources.

He passionately argued that fully exploring these regions could turn Nigeria into another Saudi Arabia in terms of oil production.

While noting that all the country’s big oil fields like the Bonga, Agbami, and Akpo are located deep offshore, the Governor lamented that despite the proven potentials, nothing is being done to explore deep offshore.

“In Gombe for instance, the NNPCL has already drilled five wells. In Nasarawa they drilled one. In Lake Chad, they drilled two. The work that is there, if you are looking for at where to invest in the oil and gas sector, this is where to go,” he said.

Beyond oil and gas, the Governor highlighted enormous opportunities in agriculture and mining, noting that every state in Nigeria, including Lagos, has mineral resources.

Citing Nasarawa State as an example, he said his administration reformed the previously dormant mining sector by introducing an executive order that requires miners to also process their minerals locally.

The Governor pointed out that the policy has made Nasarawa home to Nigeria’s largest lithium processing plant, with an even the largest plant in Africa scheduled for commissioning soon.

“By doing that, Nasarawa State is now home to the biggest lithium processing plant in Nigeria. Also, we are waiting for Mr President to return to commission the next lithium processing plant which will be the biggest in Africa with 6000 tons per day,” he revealed.

He also pointed to large-scale agricultural projects across multiple states, with Nasarawa presently cultivating 10,000 hectares of land for rice.

Governor Sule praised the launch of the NGF Investopedia platform, calling it a “wonderful start” that was long overdue.

He commended the quality of the institutions and development partners, like MOFI and Afrexim Bank, involved in the initiative.

“This is long overdue. I am happy that, indeed, our Chairman, the Governor of Kwara State, and our DG have initiated this. I think this is a wonderful thing. This is a wonderful start. I commend the Chairman. I commend the DG and his entire management and especially our development partners, including MOFI and Afrexim Bank. I am happy with the composition of the attendance. I see quality people attending and quality institutions, and I think we are going somewhere,” he added.

The Governor directly linked the current improved investment climate to President Tinubu’s reform agenda, which he believes is not being given enough credit.

These reforms, he said, have increased the funds available to states, allowing them to seek public-private partnerships rather than just investors.

“The initiative is coming at a no better time than now, especially with the reform agenda of President Ahmed Bola Tinubu for which we are not giving him enough credit. The reform agenda has made more resources available in the hands of the federal government, states and local governments,” he said.

Governor Sule stressed that with the improved resources, Nasarawa State has put in place a robust PPP arrangement.

“For us in Nasarawa, we use the resources available to go into PPP. We are not just looking for investors, we are looking for partners so also we can invest,” he said.

The event also featured comments from other dignitaries who underscored the critical need for investment.

Delivering a keynote address, NGF Chairman and Kwara State Governor, AbdulRahman AbdulRazaq, stressed the need for Nigeria to harness both global and African capital financing opportunities.

The NGF Chairman, represented by Governor Abdullahi Sule, explained that the investopedia was specifically designed to position Nigeria as an attractive destination for investors and promote inclusive growth.

“Over the last decade, foreign direct investment (FDI) inflows have averaged only $2 billion annually, less than 0.5% of GDP, and concentrated in a few sectors.

“Yet, Nigeria faces a $100 billion annual infrastructure financing gap. Public projects alone cannot bridge this.

“The NGF Investopedia is a one-stop entry point that shows investors not only where to invest, but how to invest with confidence,” he said.

Earlier in an opening remarks, NGF Director General, Abdulateef Shittu, described the initiative as a “new dawn” in Nigeria’s subnational investment readiness.

“Nigeria’s annual infrastructure gap is nearly $100 billion. By curating bankable pipelines of projects across all 36 states, Investopedia consolidates credible opportunities into one transparent gateway for investors, with institutional oversight and global visibility,” Shittu disclosed.

Also, in a goodwill message, U.S. Embassy Economic Counsellor, Christine Harbaugh pledged U.S. support for the initiative, noting that the mission is committed to improving trade, transparency, and governance while strengthening Nigeria’s subnational economies.

The event, which has the theme: “Nigeria Investment Gateway” was attended by Ondo State Governor, Lucky Aiyedatiwa, as well as governors of Borno and Jigawa who were represented by their deputies namely Umar Usman Kadafur and Aminu Usman respectively, among other dignitaries.

From Nasarawa, State Commissioner for Finance and Budget Planning, Hajiya Munirat Abdullahi, Hon. Mohammed Sani Otto, Commissioner for Commerce Trade and Industry, as well as the MD/CEO of the Nasarawa Investment Development Agency (NASIDA) were also in attendance.