Nigeria’s oil and gas industry has been described as one of the world’s most attractive investment frontiers following sweeping reforms introduced under President Bola Tinubu’s administration.
Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, made the declaration while addressing delegates at the Africa Oil Week in Accra, Ghana. He said recent policy shifts anchored on the Petroleum Industry Act (PIA) 2021 and strengthened by presidential executive orders had unleashed a new wave of investor confidence, resulting in billions of dollars in commitments.
According to him, 28 new Field Development Plans were approved in 2025 alone, unlocking an estimated 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas. The projects, with capital expenditure commitments of $18.2 billion, are projected to add 591,000 barrels of oil per day and 2.1 billion standard cubic feet of gas daily.
Komolafe described the approvals as evidence of Nigeria’s determination to lift production capacity to over three million barrels per day while boosting revenue, safeguarding energy supply, and driving regional growth. He highlighted major undertakings such as the $5 billion Bonga North deep offshore development and the $500 million Ubeta Gas Project as proof of renewed investor confidence, with further final investment decisions expected on other deepwater and gas ventures.
The NUPRC chief noted that since Tinubu assumed office, the government had approved five major acquisition deals valued at more than $5 billion, creating space for ambitious indigenous companies to expand their share of the upstream sector. He attributed this momentum to the PIA, which he said had “ushered in a new era of governance, fiscal reform, and institutional realignment.”
Komolafe revealed that in less than four years, the commission had rolled out 24 transformative regulations, 19 of which had been gazetted to operationalise provisions of the PIA. He said these reforms had dismantled barriers, ensured transparent licensing rounds, and delivered greater competitiveness.
Rig counts, he pointed out, had risen from just eight in 2021 to 43 by September 2025, while licensing rounds in recent years had recorded exceptional investor participation. Of the 31 oil blocks offered in the 2024 round, 27 were successfully taken up following adjustments to signature bonus requirements and entry terms.
He maintained that the reforms were not short-term measures but part of a longer strategy to secure Nigeria’s place at the centre of Africa’s energy future. Energy security, he argued, remained the foundation of economic growth, resilience, and shared prosperity across the continent.
While acknowledging the global energy transition, Komolafe insisted Nigeria’s vast hydrocarbon wealth could be responsibly managed to fuel industrialisation and reduce poverty, even as renewable adoption progressed.
Observers at the Africa Oil Week described Nigeria’s message as one of the strongest pitches, crediting the mix of legal certainty, regulatory clarity, and political will with reshaping perceptions of the country as a leading oil and gas hub.
