Nigeria has repositioned to tap into the projected $600 billion annual upstream investment required to grow Africa’s oil sector, estimated to hit about $3 trillion by 2030.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, who made this known, also disclosed plans to raise the active oil rigs in Nigeria’s petroleum sector from the current 36 to 50 by the end of 2025.
Speaking at the ongoing 2025 Africa Energies Summit (AES) in London, United Kingdom, Komolafe noted that from eight oil rigs in 2021, President Bola Tinubu’s recent reforms have significantly removed the bottlenecks and enhanced investment in the country’s oil sector.
Komolafe, who spoke on the theme: “Igniting Nigeria and Africa’s Energy Future: Evolving Landscapes, Challenges, and Transformative Opportunities”, told the global audience at the event that Nigeria is now well positioned to tap into the projected $600 billion annual upstream investment required to grow Africa’s oil sector, estimated to hit about $3 trillion by 2030.
Quoting the International Energy Forum (IEF), the NUPRC chief executive pointed out that Africa’s energy need is projected to rise by 30 per cent by 2040, noting that to meet the projected demand, Nigeria has continued to play its part to attract the right investment to the sector.
“Africa’s own energy demand is poised to surge by 30 per cent by 2040, driven by rapid population growth, industrial ambition, and the rightful quest for universal energy access. Meeting this demand sustainably will require over $600 billion in upstream investments annually through 2030, according to a study conducted by the International Energy Forum (IEF) last year,” Komolafe said.
According to him, through the recent Presidential Executive Orders and the proactive stance of the NUPRC, Nigeria has redefined itself not only as a land of vast hydrocarbon potential but as a destination where opportunity meets ease of doing business, certainty, and investor value.
“The transformative impact has been remarkable. Our oil and gas sector has seen a significant surge in investment. New investors, empowered by clarity and quality, have entered our sector, oil and gas reserves and production have increased, while rig counts have surged from 8 in 2021 to 36 currently, with projections to reach 50 by the end of the year.
“This momentum reflects a bold new chapter; one driven by ambition, resilience, and opportunity. With 210.54 trillion cubic feet of natural gas reserves, the largest in Africa, and 37.28 billion barrels of crude oil reserves, Nigeria holds enormous reserves.
“Our national production target is 3 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. Therefore, it is safe to say that Nigeria is a major force and the rallying point in hydrocarbon conversation in Africa,” Komolafe added.
On recent licensing initiatives, the NUPRC boss explained that each of the awards and rounds was conducted with unprecedented transparency, unmatched competitiveness, and remarkable investor engagement.
Besides, Komolafe stated that the NUPRC had repositioned Nigeria as a prime destination for oil and gas investment, while reaffirming its commitment to global standards of excellence, innovation, and partnership.
Highlighting the quality and accessibility of subsurface data in the country, he disclosed that through a landmark partnership with TGS-PetroData and other multi-client service providers, the NUPRC embarked on one of Africa’s most ambitious data acquisition and reprocessing campaigns, acquiring over 11,000 square kilometers of 3D seismic data as part of the broader 56,000sq km Awalé project.
At the heart of the revolution, he said, is also Nigeria’s National Data Repository (NDR), which houses one of the most extensive seismic databases on the continent and records from over 10,000 wells, enabling both physical and remote access for thorough technical due diligence.
“This wealth of accessible, high-quality data has not only empowered investor confidence during recent bid rounds but has firmly repositioned Nigeria as one of the most data-rich and investment-ready destinations in the global energy landscape,” Komolafe said.
He reiterated that the Nigerian oil and gas industry stands as the very heartbeat of the nation’s economy, contributing an astounding 95 per cent of foreign exchange earnings and nearly 70 per cent of government revenue, while creating jobs and establishing Nigeria as a strong player in the global energy landscape.
But he argued that if Nigeria is to sustain, accelerate, and truly harness the full potential of the sector for future generations, it must remain steadfast in advancing strategic initiatives that maximise government revenue, deliver tangible economic benefits to over 200 million Nigerians, and ensure consistent, attractive returns for valued investors.
To further consolidate the nation’s drive for energy security and production resilience, the NUPRC, he said, launched the bold and visionary initiative known as ‘Project 1 Million Barrels per Day (1MMBOPD)’.
According to him, at the centre of this initiative lies a propelling goal to increase Nigeria’s crude oil production by over 1 million barrels per day, in the mid-term, beyond the October 2024 baseline.
“This initiative was not conceived in abstraction, but in the context of real opportunity. It is a call to every oil and gas operating company, partners, and investors to revitalise dormant fields, rejuvenate brownfields, and deliver on the promise of existing assets in line with good asset stewardship,” he emphasised.
Since the launch of the project, he stated that Nigeria has achieved a notable increase in daily production, recently reaching 1.78 million barrels per day, up from a baseline of 1.46 million barrels per day in October 2024.
“Our message to you is therefore simple and resolute: Nigeria is not only rich in natural resources; it offers a strategic landscape of high-yield opportunities for forward-looking investors,” Komolafe said.
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