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Nigeria, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), is inviting global investors to join the unlocking of the country’s vast potential and shape the future of energy in Africa and beyond.
This was a Chiarion call made by the COMMUNICE of the Commission, Engr. Gbenga Komolafe, at the Africa Energies Summit in 2025, rounding up in London, United Kingdom, today, Thursday 15 May.
Engr. Komolafe, who presented an address entitled “ignition of the energy future of Nigeria and Africa: evolving landscapes, challenges and transformative opportunities”, said that Nigeria is today as a more important commercial destination, positioned uniquely to the greater intersection between energy and global investment opportunities in Africa.
“With its vast resources of hydrocarbons, progressive reforms and a strategic vision anchored to sustainable development and energy safety, Nigeria offers unparalleled perspectives for investors, sector actors and partners who seek growth in the most dynamic market on the continent”, said the CCE.
Referring to the 2024 edition of the Cima, Engr. Komolafe recalled with the nostalgia that the gathering turned on a significant dialogue and opened a gateway for investment prospects in the oil and gas sector upstream of Nigeria. “It was more than a simple announcement of opportunities; it was a powerful reaffirmation of our shared vision to strengthen energy safety as an cornerstone of economic growth, national resilience and social prosperity”. He indicated that, with a renewed purpose and a visionary perspective, the Commission was ready to reveal some strategic initiatives to expand the exploration of oil and gas, accelerate the production and strengthen the foundations of Nigeria and the Energy Panorama in evolution of Africa.
So far he has spoken of the efforts made by the Commission in the sectors of decarbonisation and the increase in the global demand of energy, catalyzing the opportunities for exploration, quality and accessibility of subsoil data, transformative reforms, the transformative impact on the affluits of investments, supporting the creation of value, the One Million Barrel project, among others; Underlining that under the visionary leadership of President Bola Ahmed Tinubu, Nigeria has implemented bold reforms that have transformed the oil and gas sector upstream into a transparent, competitive and investor landscape.
The CCE observed that the NUPRC, enhanced by the Petroleum Industry Act (PIA), introduced competitive tax terms globally, regulatory processes to simplification and pragmatic entry commissions, all designed to attract and retain investments. These reforms have led to an increase in the interest of investors, with the counts of the platforms that increase from 8 in 2021 today and the expectations of reaching 50 by the end of the year.
The government’s commitment for the ease of residence is further demonstrated through presidential executive orders aimed at tax incentives, exemptions and remissions, reducing costs and contracting deadlines, eliminating operating bottlenecks, improving the compliance of local content and stimulating the development of the non -associated gas, among others. These initiatives collectively position Nigeria as a destination in which the opportunity meets the certainty and creation of value. This momentum, he underlined, reflects a new bold chapter led by ambition, resilience and opportunities.
Revision of the impact of the investment flow, Engr. Komolafe said that it was remarkable, explaining that Nigeria boasts the largest reserves of Africa natural gas at 210.54 cubic feet trillions and 37.28 billion barrels of crude oil reserves. The country is actively pursuing a production objective of three million barrels per day, supported by initiatives such as the 1 million barrels project per day (1mmbopd), which has already increased the production of 1.46 million barrels per day in October 2024 to 1.78 million barrels per day recently. “Our national production objective is three million barrels per day, but the achievement of this requires continuous investments to unlock new mature bacins and border fields to ensure future energy needs that will correspond to our population rapidly growing,” he added.
He explained that the recent growth of production is supported by efforts to revitalize the sleeping fields, distribute improved oil recovery techniques and accelerate the new development of development. The upstream sector remains the backbone of the Nigerian economy, contributing to 95% of profit in foreign currency and almost 70% of the government’s revenue, while creating jobs and promoting economic resilience. It has observed, however, that “if we want to support, accelerate and really exploit the full potential of this sector for future generations, we must remain still in the advancement of the strategic initiatives that maximize the government’s revenues, offer tangible economic benefits to over 200 million Nigerians and guarantee consistent and interesting returns for our value investments”.
According to the Commission’s Hilmsman, Nigeria’s commitment to innovation is exemplified by its vast initiative to acquire data. He explained that through partnerships with global service providers, Nigeria has developed one of the most complete seismic repositories and wells in Africa, hosted in the National Data Repository (editor’s note). This wealth of accessible and high quality geological and technical data significantly eliminates exploration and attracts new investors, making Nigeria one of the richest destinations of data and ready for global investments.
Engr. Komolafe told The Gathering in London that recognizing the critical role of natural gas in the energy transformation of Africa, Nigeria is leading regional efforts to exploit this resource for sustainable development. Initiatives such as the decade of gas, the initiative of the presidential compressed natural gas (CNG) and the Nigerian gas marketing program (NGFCP) underline Nigeria’s commitment in the expansion of gas production, industrialization and access to energy.
Furthermore, recognizing that regional collaboration is essential to face challenges in the oil and African gas sector, such as fragmented regulations and infrastructure gaps, ENGR. Komolafe said that the Commission is guiding collaborative efforts by starting and coordinating the efforts of the African oil regulation forum (Afriperf) to harmonize the regulations, present a unified item for Africa within the global arena, encourage cross -border investments and support shared infrastructures, all aimed at building a more resistant oil and a competitive oil in Africa. “As a key item for the main African hydrocarbons manufacturer, the Nuprc also supports Africa Energy Bank providing technical and regulatory skills to ensure that it provides targeted funding for oil transition, gas and energy transition projects, making sustainable development and energy safety across the continent.”
With its abundant resources, reforms, strategic initiatives and commitment to sustainable development, Nigeria is not only the largest oil and gas producer of Africa, but a real commercial destination for the future. Engr Komolafe has proudly announced. According to him, the country offers a compelling environment for investors and partners ready to engage in a transformative energy panorama that promises growth, stability and lasting impact; And therefore, they invited global investors to join the release of his vast potential and the form of the future of energy in Africa and beyond.
