By Our Reporter
Nigeria, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), is inviting global investors to join in unlocking the country’s vast potential and shaping the future of energy in Africa and beyond. This was a clarion call made by the Commission’s Chief Executive, Engr. Gbenga Komolafe, at the 2025 Africa Energies Summit, rounding up in London, United Kingdom, today, Thursday, May 15.
Engr. Komolafe, who presented an address titled “Igniting Nigeria and Africa’s Energy Future: Evolving Landscapes, Challenges, and Transformative Opportunities,” stated that Nigeria stands today as a premier business destination, uniquely positioned at the major intersection of Africa’s energy future and global investment opportunities. With its vast hydrocarbon resources, progressive reforms and a strategic vision anchored on sustainable development and energy security, Nigeria offers unmatched prospects for investors, industry players and partners seeking growth in the continent’s most dynamic market, the CCE said.
Referencing the 2024 edition of the Summit, Engr. Komolafe recalled with nostalgia that the gathering ignited meaningful dialogue and opened a gateway to investment prospects across Nigeria’s upstream oil and gas sector. “It was more than just an announcement of opportunities; it was a powerful reaffirmation of our shared vision to strengthen energy security as the cornerstone of economic growth, national resilience and social prosperity.” He indicated that with renewed purpose and a visionary outlook, the Commission was poised to unveil some strategic initiatives to expand oil and gas exploration, accelerate production and reinforce the foundations of Nigeria and Africa’s evolving energy landscape.
He spoke on efforts so far made by the Commission in the areas of decarbonization and rising global energy demand, catalyzing exploration opportunities, quality and accessibility of subsurface data, transformative reforms, the transformative impact on investment inflows, sustaining value creation, the project One Million Barrel Initiative, among others; pointing out that under the visionary leadership of President Bola Ahmed Tinubu, Nigeria has implemented bold reforms that have transformed the upstream oil and gas sector into a transparent, competitive and investor-friendly landscape.
The CCE noted that the NUPRC, empowered by the Petroleum Industry Act (PIA), has introduced globally competitive fiscal terms, streamlined regulatory processes and pragmatic entry fees, all designed to attract and retain investment. These reforms have resulted in a surge of investor interest, with rig counts increasing from 8 in 2021 to 36 today, and expectations to reach 50 by year-end.
The government’s commitment to ease-of-doing-business is further demonstrated through Presidential Executive Orders aimed at tax incentives, exemptions and remissions, reducing contracting costs and timelines, eliminating operational bottlenecks, enhancing local content compliance and stimulating non-associated gas development, among others. These initiatives collectively position Nigeria as a destination where opportunity meets certainty and value creation. This momentum, he pointed out, reflects a bold new chapter driven by ambition, resilience and opportunity.
Reviewing the impact of investment flow, Engr. Komolafe said it has been remarkable, explaining that Nigeria boasts Africa’s largest natural gas reserves at 210.54 trillion cubic feet and 37.28 billion barrels of crude oil reserves. The country is actively pursuing a production target of three million barrels per day, supported by initiatives such as the Project 1 Million Barrels per Day (1MMBOPD), which has already increased production from 1.46 million barrels per day in October 2024 to 1.78 million barrels per day recently. “Our national production target is three million barrels per day, but achieving this requires continuous investment to unlock new basins and mature frontier fields to secure future energy needs that will match our fast-growing population,” he added.
He explained that the recent production growth is underpinned by efforts to revitalise dormant fields, deploy enhanced oil recovery techniques and accelerate new development drilling. The upstream sector remains the backbone of Nigeria’s economy, contributing 95% of foreign exchange earnings and nearly 70% of government revenue, while creating jobs and fostering economic resilience. He noted, however, that “if we are to sustain, accelerate and truly harness the full potential of this sector for future generations, we must remain steadfast in advancing strategic initiatives that maximize government revenue, deliver tangible economic benefits to over 200 million Nigerians, and ensure consistent, attractive returns for our valued investors.”
According to the Commission’s helmsman, Nigeria’s commitment to innovation is exemplified by its extensive data acquisition and sharing initiatives. He explained that through partnerships with global service providers, Nigeria has developed one of Africa’s most comprehensive seismic and well data repositories, housed in the National Data Repository (NDR). This wealth of accessible, high-quality geological and technical data significantly de-risks exploration and attracts new investors, making Nigeria one of the most data-rich and investment-ready destinations globally.
Engr. Komolafe told the gathering in London that recognising the critical role of natural gas in Africa’s energy transformation, Nigeria is leading regional efforts to harness this resource for sustainable development. Initiatives such as the Decade of Gas, the Presidential Compressed Natural Gas (CNG) Initiative and the Nigerian Gas Flare Commercialisation Programme (NGFCP) underscore Nigeria’s commitment to expanding gas production, industrialization and energy access.
Also, recognising that regional collaboration is essential to addressing the challenges in Africa’s oil and gas sector, such as fragmented regulations and infrastructure gaps, Engr. Komolafe said the Commission is leading the collaborative efforts by initiating and coordinating the efforts of the African Petroleum Regulatory Forum (AFRIPERF) to harmonise regulations, present unified voice for Africa within the global arena, encourage cross-border investments, and support shared infrastructure, all aimed at building a more resilient and competitive oil and gas industry in Africa. “As a key voice for Africa’s leading hydrocarbon producer, the NUPRC also supports the Africa Energy Bank by providing technical and regulatory expertise to ensure it delivers targeted financing for oil, gas, and energy transition projects, advancing sustainable development and energy security across the continent.”
With its abundant resources, investor-friendly reforms, strategic initiatives, and commitment to sustainable development, Nigeria is not just Africa’s largest oil and gas producer but a veritable business destination for the future. Engr Komolafe proudly announced. According to him, the country offers a compelling environment for investors and partners ready to engage in a transformative energy landscape that promises growth, stability, and lasting impact; and therefore, invited global investors to join in unlocking its vast potential and shaping the future of energy in Africa and beyond.