The Nigerian Upstream Petroleum Regulatory Commission has made a commitment for Nigeria towards becoming Africa’s premier investment destination in the energy sector through reforms and transparent regulatory framework aimed at unlocking
opportunities in its Upstream Oil and Gas industry.
Speaking recently at the Nigeria China Sustainable Bilateral Business, Trade, and Investment Summit held in Lagos, the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, laid out Nigeria’s investment roadmap under the Petroleum Industry Act (PIA) 2021, where he emphasized that the country is open for business and equipped with the right mix of policy clarity, investor protections, and fiscal incentives to attract sustainable global capital.
According to Engr. Komolafe, the NUPRC’s ongoing regulatory reforms are designed to eliminate entry barriers, foster competitiveness, and ensure transparency creating a level playing field for investors, particularly those from strategic partners like China. He described the PIA as a game changing legislation that has repositioned Nigeria’s oil and gas sector for growth, innovation, and long-term value creation.
According to him, these reforms have reduced contracting timelines, dismantled fiscal bottlenecks, and attracted over 16 billion dollars in investment commitments between 2023 and 2025. He emphasized Nigeria’s strategic role in balancing energy security and sustainability amid global decarbonization efforts. With Africa’s energy demand expected to grow by 30 percent in 2040, Nigeria is positioning itself as a reliable and responsible supplier through initiatives such as the Decade of Gas, the Presidential CNG Initiative, and the Gas Flare Commercialisation Programme.
The CCE also highlighted investor friendly measures put in place by the Commission to include, Transparent and competitive licensing rounds, Automated permitting processes, Real time monitoring of upstream activities and , Access to seismic and production data via the National Data Repository
Komolafe further showcased Nigeria’s vast untapped potential of 37.28 billion barrels of crude oil and 210.54 trillion cubic feet of natural gas, the largest in Africa with the national goal is to increase production to 3 million barrels of oil and 12 billion scf of gas per day.
On areas of investment, he listed , Project Development and Financing, Licensing/Exploration and, the technical Services and Partnerships as three viable areas that are open for business in the Nigerian Upstream industry.
The CCE concluded by reaffirming Nigeria’s commitment to creating a stable, transparent, and attractive investment climate, declaring Nigeria as not only open for business rather responsible for irresistible investment.
