The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that Nigeria’s oil and gas industry has attracted over $16 billion in upstream investment commitments between 2023 and 2025.
This was disclosed by the commission’s chief executive, Mr Gbenga Komolafe, at the Nigeria-China Sustainable Bilateral Business, Trade, and Investment Summit, held recently in Lagos.
According to a statement issued by NUPRC, Mr Komolafe said key policy changes, such as the reduction of contracting cycles from 36 months to just six months, strategic tax incentives, and the removal of fiscal bottlenecks, were instrumental in the renewed investor interest.
“Transformative reforms have reshaped Nigeria’s oil and gas sector, improving operational efficiency and global competitiveness,” he said.
The NUPRC boss noted that energy giants like Shell, TotalEnergies and Seplat, along with dynamic indigenous players, have not only remained active but are expanding operations.
He stated that with reserves of 210.54 trillion cubic feet of natural gas, the largest in Africa, and 37.28 billion barrels of crude oil, Nigeria remains a key global player in the energy sector.
“Current production levels are approximately 1.75 million barrels of oil per day and seven billion standard cubic feet of gas per day, with ambitious goals to increase production to three million barrels of oil and 12 billion standard cubic feet of gas per day, respectively”, he said.
Mr Komolafe described the 2021 Petroleum Industry Act (PIA) as a major driver of change that has created a stable and investor-friendly environment.
He stressed that licensing rounds are now conducted through open, competitive bidding and backed by digital platforms to ease business processes and build investor confidence.
The CCE further highlighted Nigeria’s commitment to sustainable energy through the Decade of Gas, the Presidential CNG Initiative and the Gas Flare Commercialisation Programme, adding that these initiatives, will promote responsible energy practices and align with global carbon reduction targets.
He noted that investment opportunities abound in exploration, project development, financing and technical support, with incentives such as zero hydrocarbon tax, reduced royalties and simplified regulations.