The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has raised concerns over the impact of frequent policy changes on investor confidence in the country’s oil and gas sector.

Speaking at a press briefing in Abuja, PENGASSAN’s President, Festus Osifo, stated that inconsistent policies and delays in project approvals are deterring international oil companies from committing fresh capital to Nigeria.

“Investors need stability and clear direction. When policies keep changing, it becomes difficult for companies to plan long-term projects, and that is why many are taking their investments to other African nations,” Osifo said.

He noted that while Nigeria holds significant untapped hydrocarbon reserves, the lack of a stable regulatory framework continues to undermine the country’s ability to attract major investments. This, according to him, could affect production levels and revenue generation in the coming years.

PENGASSAN called on the federal government to prioritize investor-friendly measures, ensure timely implementation of the Petroleum Industry Act (PIA), and avoid sudden policy reversals that could disrupt existing agreements.

The warning comes as neighboring countries like Angola and Namibia continue to secure multi-billion-dollar projects, partly due to stable fiscal regimes and streamlined processes.