Nigeria is strategically positioning itself to tap into the projected $600 billion annual upstream investment needed to expand Africa’s oil and gas sector, which could reach a cumulative value of $3 trillion by 2030, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Speaking at the ongoing 2025 Africa Energies Summit in London, the NUPRC Chief Executive, Gbenga Komolafe, highlighted Nigeria’s renewed appeal to investors, thanks to recent reforms and Executive Orders initiated by President Bola Tinubu’s administration.
Komolafe said the number of active oil rigs in Nigeria has increased from eight in 2021 to 36 currently, with a target of 50 by the end of 2025. He attributed this growth to the improved regulatory environment, greater investment transparency, and investor-friendly policies.
Quoting a recent study by the International Energy Forum (IEF), Komolafe noted that Africa’s energy demand is expected to rise by 30% by 2040, driven by rapid population growth, industrialization, and a push for universal energy access.
“To meet this demand sustainably, the continent needs over $600 billion in upstream investment annually through 2030. Nigeria, with its massive hydrocarbon reserves and reformed investment climate, is poised to lead this transformation,” he stated.
Nigeria currently holds 210.5 trillion cubic feet of natural gas—the largest in Africa—and 37.28 billion barrels of crude oil. Komolafe said the country is targeting a daily production of 3 million barrels but emphasized that sustained investment is essential to unlocking new and existing reserves.
He also pointed to the success of recent licensing rounds, conducted with what he described as “unmatched transparency and investor engagement,” signaling Nigeria’s shift toward global best practices.
The NUPRC has also partnered with data firms like TGS-PetroData to launch an extensive seismic data acquisition campaign, including over 11,000 square kilometers of 3D data as part of the broader 56,000-square-kilometer Awalé project. Nigeria’s National Data Repository (NDR) now houses one of Africa’s largest and most accessible seismic and well log databases, making technical due diligence easier for prospective investors.
“This wealth of data has not only boosted investor confidence but also cemented Nigeria’s reputation as a top-tier, data-rich destination for energy investment,” Komolafe added.
He noted that oil and gas remain vital to Nigeria’s economy, contributing 95% of foreign exchange earnings and nearly 70% of government revenue.
However, to secure the sector’s future, he said Nigeria must stay committed to strategic reforms that boost government revenue, attract long-term investment, and deliver economic benefits for its over 200 million citizens.
Komolafe also unveiled Project 1 Million Barrels Per Day (1MMBOPD)—a bold initiative aimed at increasing Nigeria’s oil production by over one million barrels per day above the October 2024 baseline of 1.46 million barrels.
“This initiative calls on all operators to revitalize dormant fields, rejuvenate mature assets, and unlock full value from Nigeria’s reserves. Since the project’s launch, daily production has already increased to 1.78 million barrels per day,” he revealed.
In conclusion, Komolafe sent a clear message to global stakeholders: “Nigeria is not only abundant in resources, but it also offers a secure, transparent, and high-yield environment for visionary investors ready to shape the future of energy in Africa.”
