Nigeria is emerging once again as a top destination for global oil and gas investment, thanks to sweeping reforms, enhanced data accessibility, and a restructured regulatory environment. This was the message from the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, at the 2025 Africa Energies Summit held in London.
Speaking to global energy stakeholders and investors, Komolafe highlighted that Nigeria’s upstream oil and gas sector has undergone a strategic transformation anchored on transparency, regulatory innovation, and robust data infrastructure—efforts that have begun to yield visible results.
“Nigeria is back at the centre of global energy investment conversations,” Komolafe declared. “We have repositioned the country as a prime investment destination by prioritising transparency, data quality, and investor-friendly regulatory frameworks.”
Transparency and Reform at the Core
The NUPRC boss emphasized that Nigeria’s recent licensing rounds have been conducted with a level of transparency and competitiveness that is unparalleled in the region. This has significantly improved investor confidence.
“Each licensing round was conducted with unprecedented transparency and active investor engagement,” Komolafe explained. “This new era of openness has reaffirmed our commitment to global best practices and strengthened our partnerships with the private sector.”
He added that the reforms are guided by the Petroleum Industry Act (PIA), which has empowered the commission to adopt regulatory strategies that balance commercial viability with sustainability and accountability.
Data-Driven Investment Confidence
Komolafe underscored the importance of quality geological and seismic data in attracting credible investors. He noted that Nigeria has undertaken one of Africa’s most ambitious data acquisition and reprocessing initiatives, which is helping prospective investors make informed decisions.
“In partnership with TGS-PetroData and other multiclient service providers, we’ve launched the Awalé Project, acquiring over 11,000 square kilometres of 3D seismic data across a broader 56,000 sq km zone,” he revealed.
He also pointed to the country’s National Data Repository (NDR) as a central pillar of Nigeria’s upstream revival. According to him, the NDR now houses one of the most extensive seismic databases in Africa, including records from over 10,000 wells.
“This accessible, high-quality database is pivotal for thorough technical due diligence and has empowered investors during our recent bid rounds,” he said. “It positions Nigeria as one of the most data-rich, investment-ready destinations in the global energy market.”
Investor-Friendly Policies Under Tinubu’s Administration
Komolafe praised the policy environment ushered in by President Bola Ahmed Tinubu’s administration, noting that the proactive approach to reducing entry barriers and revising fiscal terms has bolstered Nigeria’s competitiveness.
“Entry fees have been revised to reflect global realities,” Komolafe stated. “Thanks to presidential executive orders and the NUPRC’s efforts, Nigeria is now a country where vast hydrocarbon potential meets ease of doing business and investor certainty.”
He noted that oil and gas reserves have seen a significant boost, with Nigeria currently holding 37.28 billion barrels of crude oil and 210.54 trillion cubic feet of natural gas — the largest gas reserves in Africa.
Record Growth in Rig Count and Production
Highlighting operational improvements, Komolafe said Nigeria’s rig count has increased dramatically, from just eight active rigs in 2021 to 36 rigs as of 2025. The NUPRC expects the number to reach 50 by the end of the year.
“This surge reflects the renewed investor interest and the efficiency of our regulatory strategy,” he said. “We’ve also seen a rise in daily crude production to 1.78 million barrels per day, up from 1.46 million in October 2024.”
To sustain this momentum, the commission has launched “Project 1 Million Barrels per Day,” which aims to raise daily output by over one million barrels beyond the 2024 baseline.
Technology, Efficiency, and Future-Readiness
Komolafe announced that the commission is now fast-tracking rig licensing procedures and introducing digital tools to optimize rig utilization and streamline operations.
“We’re focused on reducing downtime and improving efficiency,” he explained. “This includes adopting technologies that enable real-time production monitoring and better reservoir management.”
While acknowledging ongoing infrastructure and evacuation challenges, Komolafe said these issues have opened up new investment opportunities across the upstream value chain — from reviving shut-in wells to deploying advanced recovery technologies.
“There are opportunities in brownfield redevelopment, workover campaigns, and exploration in underdeveloped assets,” he said. “We invite global stakeholders to be part of this unfolding story.”
Youth, Innovation, and Clean Energy Transition
The NUPRC boss also highlighted Nigeria’s demographic advantage. With a youthful, tech-savvy population, the country is well-positioned to harness local talent for oil and gas innovation and the adoption of cleaner energy solutions.
“Our young population is key to driving innovation in frontier exploration and decarbonization technologies,” he stated. “Nigeria is not waiting on the sidelines — we are boldly taking the lead.”
Call to Action
In his closing remarks, Komolafe urged international partners to recognize Nigeria’s readiness and seize the opportunity to participate in the country’s energy renaissance.
“This is a pivotal moment,” he said. “Our strategies are designed to deepen investor confidence, unlock upstream potential, and deliver results that promote shared prosperity across the energy value chain.”
