Centre Backs Komolafe On $600bn Lifeline For Africa’s Energy Needs

The African Centre for Energy Investment and Policy (ACEIP) has thrown its weight behind the recent call by Engr. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), for the continent to secure at least $600 billion annually in upstream oil and gas investment — a move the centre described as a realistic and urgent lifeline for the continent’s energy security.

In a statement issued on Tuesday and signed by its Executive Director, Dr. Amaka Chima Ezeanochie, ACEIP said Komolafe’s message at the 2025 Africa Energies Summit in London was a timely intervention that captures the seriousness of Africa’s energy demands in a world pushing aggressively toward decarbonisation.

“We must stop pretending that Africa can leapfrog into renewables without first solving its foundational energy access crisis. Komolafe’s $600 billion call is not an exaggeration — it is the minimum needed if we are to power homes, industries, hospitals and schools across the continent. This is not a luxury. It is a lifeline,” Ezeanochie said.

Referencing BP’s 2024 Energy Outlook and the International Energy Forum’s forecast of a 30 per cent surge in African energy demand by 2040, the Centre said Komolafe was right to warn against a one-size-fits-all global energy narrative.

“There is a dangerous assumption that what works for Europe or North America must work for Africa. But Africa’s energy reality is unique. We are the least electrified continent, and we have a right to use every available resource — including oil and gas — to meet our development goals,” Ezeanochie asserted.

She said Komolafe’s emphasis on investment flows into Nigeria’s upstream sector was especially critical, given the country’s proven reserves and recent regulatory milestones.

“Nigeria has over 210 trillion cubic feet of gas and 37 billion barrels of oil. These are not stranded assets. With the right investment, they are the building blocks of industrial growth, job creation, and regional energy integration. We’re not talking theory — we’re talking about powering lives and unlocking economic value,” she noted.

ACEIP praised NUPRC’s implementation of the Petroleum Industry Act (PIA) in Nigeria, highlighting the reforms as a catalyst for investor confidence and operational momentum in country’s upstream sector.

“Between 2021 and 2025, Nigeria’s rig count grew from eight to over 36 — and we expect it to hit 50 by year-end. This is not by accident. It’s the result of deliberate reforms, investor outreach, and improved access to reliable data. The world is watching, and the numbers are proving Nigeria’s seriousness,” Ezeanochie stated.