Investor Perceptions of Nigeria’s Regulatory and Policy Reforms in the Oil and GasSector – Survey

Hello!

This anonymous survey is part of the preparatory work for the upcoming event Pitching Nigerian Gas to Global Capital: How to Structure for Success and Unlock Investment in High-Value Gas Projects. Convened by Arbiterz Conferences and Good Governance Africa, this high-level event will bring together Nigerian oil and gas producers, global investors, development finance institutions, regulators, lawmakers and key stakeholders in the oil and gas sector to explore practical strategies for reducing barriers to investment in gas development in Nigeria.

This survey seeks to assess the perceptions of investors, operators, and other industry professionals—including those from finance, consulting, legal and regulatory backgrounds—on the credibility and impact of recent regulatory and policy reforms. These include the Petroleum Industry Act (PIA), as well as recent Presidential Executive Orders on fiscal incentives, approvals, and local content rules. The goal is to gather valuable insights on the extent to which these reforms are creating incentives to invest in Nigeria’s oil and gas sector and in gas development specifically.

Your candid and confidential input will help shape the discussion at the event and identify areas where further reforms or investor engagement may be needed. All responses are anonymous and will only be used in aggregated form to inform session content and policy recommendations.

Thank you for your participation.

Section 1: Respondent Profile

1. What best describes your role in the Nigerian oil and gas industry?

2. How long have you been operating or investing in Nigeria’s oil and gas sector?

Less than 5 years 5–10 years 10–20 years More than 20 years

3. Nationality

Nigerian Non-Nigerian

Section 2: Credibility and Impact of Reforms

4. How would you rate the overall impact of the Petroleum Industry Act (PIA) on the investment attractiveness of Nigeria’s oil and gas sector?

Very Positive – the reforms are well-designed, address real concerns, and will significantly improve investment conditions. Positive – the reforms are credible, address real concerns, and will stimulate new investment. Somewhat Positive – the reforms are promising but need further fine-tuning, with execution being a concern. Neutral – unclear whether the reforms will make a meaningful difference. Not very positive – the reforms do not adequately address key barriers to investment. Not positive at all – there is little confidence that these reforms will drive change

What specific aspects of the PIA make its impact significant or not?

5. How would you rate the overall impact of President Tinubu’s Executive Orders (e.g., fiscal incentives, streamlined approvals) on the investment attractiveness of Nigeria’s oil and gas sector?

Very Positive – the executive orders are well-designed, address real concerns, and will significantly improve investment conditions. Positive – the executive orders are credible, address real concerns, and will stimulate new investment. Somewhat Positive – the executive orders are promising but need fine-tuning, with execution being a concern. Neutral – unclear whether the executive orders will make a meaningful difference. Not very positive – the executive orders do not adequately address key barriers to investment. Not positive at all – there is little confidence that the executive orders will drive change.

Can you provide an example of a positive impact you have experienced or seen? If no improvements have been observed, what do you think is preventing the reforms from making a difference?

6. To what extent have the Petroleum Industry Act (PIA) and the Executive Orders by President Tinubu improved incentives (e.g., fiscal terms, domestic pricing) for investing in Nigerian gas?

Very Significant – the PIA and Executive Orders have substantially improved incentives for investment in Nigeria’s gas sector. Significant – the reforms have made notable improvements to incentives, making Nigeria more attractive for gas investment. Somewhat Significant – the reforms have led to some improvements, but there are still substantial challenges that hinder investment in gas. Insignificant – the PIA and Executive Orders have had minimal impact on improving incentives for gas investment. No Impact – the PIA and Executive Orders have not improved incentives for investing in Nigeria’s gas sector.

Please provide specific examples or insights into how the PIA and Executive Orders have influenced your perception of the incentives for investing in Nigeria’s gas sector.

7. Which aspects of the recent reforms do you think will have the greatest impact on investment in Nigeria’s oil and gas sector? (Select up to two)

Fiscal incentives (e.g., tax breaks, reduced royalties) Streamlined approval and licensing processes Local content policies Clarification of contractual and investment frameworks under the PIA Strengthening of regulatory institutions Other (Please specify)

Other (Please specify)

8. Do you think these reforms will significantly improve Nigeria’s ability to attract international capital for oil and gas projects?

Yes, they will make Nigeria a more competitive investment destination. Somewhat – they help but may not be enough to shift investor sentiment. No, Nigeria still faces significant investment barriers despite these reforms.

If you answered "somewhat" or "no," what additional steps would be necessary to attract international capital?

Section 3: Current Challenges and Unmet Needs

9. What do you see as the biggest obstacle to realizing the full impact of these reforms? (Select up to two)

Slow or inconsistent implementation by government agencies Security risks (e.g., pipeline vandalism, community disruptions) Bureaucratic delays in project approvals Weak enforcement of contracts and investor protections Lack of supporting infrastructure (e.g., pipelines, processing facilities) Other (Please specify)

Other (Please specify)

If implementation is a concern, what specific improvements would you recommend?

10. Have these reforms addressed key concerns about investing or operating in Nigeria’s oil and gas sector?

Yes, investors’ concerns have been satisfactorily addressed. Yes, investors’ concerns have been significantly addressed. Some investors’ concerns have been addressed, but not enough to stimulate new investment. No, my main concerns remain unresolved.

Which concerns remain unresolved?

Section 4: Future Outlook and Recommendations

11. How optimistic are you about the long-term impact of these reforms on Nigeria’s oil and gas sector?

Very optimistic – I expect significant improvements in the coming years. Somewhat optimistic – positive steps have been taken, but execution is key. Neutral – still too early to determine the full impact. Pessimistic – I doubt these reforms will drive meaningful change.

What factors contribute to your optimism or pessimism?

12. What additional reforms or policy actions would strengthen investor confidence in Nigeria’s oil and gas sector?

13. Which countries or regions do you believe Nigeria should benchmark for best practices in oil and gas regulation?

14. Would you recommend Nigeria’s oil and gas sector as an attractive investment destination to international investors? If yes, what would be the strongest selling point in convincing investors to commit capital to Nigeria?

15. If you had one message for policymakers regarding these reforms, what would it be?

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Investor Perceptions of Nigeria’s Regulatory and Policy Reforms in the Oil and GasSector – Survey

Hello!

Section 1: Respondent Profile

Section 2: Credibility and Impact of Reforms

Section 3: Current Challenges and Unmet Needs

Section 4: Future Outlook and Recommendations

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