Ibe Kachikwu, minister of state for petroleum, says every year, Nigeria loses at least $80 billion to vandalism of oil facilities in the Niger Delta region.
Militants are responsible for attacks on oil assets.
Acting President Yemi Osinbajo led a federal government delegation to Bayelsa on Friday.
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Kachikwu said at least 10,000 sabotage incidents were recorded annually at oilfields across the region.
He regretted that within the last decade, estimated $30 billion revenue accrued to the Niger Delta area by way of derivation, but that the region had continued to wallow in abject poverty.
Kachikwu urged people of the area to contribute ideas toward the resolution of crises in the zone “and add value as well as derive some gains from the natural endowments of the region”.
Appealing to the people to give peace a chance, Kachikwu said the challenges of the region could be turned into opportunities.