The African Centre for Energy Investment and Policy (ACEIP) has lent its support to a call by the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, for Africa to secure at least $600 billion annually in upstream oil and gas investment — a proposal the think tank described as both realistic and urgent.

In a statement released on Tuesday, ACEIP’s Executive Director, Dr Amaka Chima Ezeanochie, said Komolafe’s remarks at the 2025 Africa Energies Summit in London reflect the pressing realities of the continent’s energy deficit in the face of accelerating global decarbonisation efforts.

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

Citing BP’s 2024 Energy Outlook and data from the International Energy Forum predicting a 30 per cent increase in African energy demand by 2040, the Centre warned against applying a uniform global energy narrative to Africa’s unique circumstances.

“There is a dangerous assumption that what works for Europe or North America must work for Africa. But Africa remains the least electrified continent and must be allowed to utilise every available resource — including oil and gas — to meet its development goals,” Dr Ezeanochie stated.

She emphasised the significance of Komolafe’s focus on boosting investment in Nigeria’s upstream sector, highlighting the country’s substantial reserves and recent regulatory reforms.

“Nigeria possesses over 210 trillion cubic feet of gas and 37 billion barrels of oil. These are not stranded assets. With the right investment, they represent the building blocks of industrialisation, employment, and regional energy integration,” she said.

ACEIP commended the NUPRC’s implementation of the Petroleum Industry Act (PIA), praising the reforms for bolstering investor confidence and accelerating upstream activity in Nigeria.

“Between 2021 and 2025, Nigeria’s rig count rose from eight to over 36 — with projections to reach 50 before the end of the year. This is the result of deliberate reforms, proactive investor engagement, and enhanced access to reliable geological data. The world is taking notice, and the numbers validate Nigeria’s seriousness,” Dr Ezeanochie added.

She further lauded the National Data Repository’s achievements under the Awalé Project, pointing to the acquisition of over 11,000 square kilometres of 3D seismic data and the digitisation of more than 10,000 well records.

“Nigeria has ended the era of blind drilling. With quality data now accessible, investors can make informed decisions swiftly and with greater certainty. This level of transparency and preparation should become the benchmark for all resource-rich African nations,” she said.

Dr Ezeanochie also issued a strong rebuke to international financial institutions for what she described as double standards in funding oil and gas projects.

“Africa is not asking for charity — we are demanding fairness. Denying finance for upstream projects on the continent while funding gas infrastructure in Europe is hypocrisy. Expecting us to power 1.4 billion lives with little more than hope and solar panels is simply unrealistic,” she remarked.

She said Nigeria’s strategy under Komolafe’s leadership provides a compelling model for other African nations to attract capital, combining transparency, policy coherence, and digital innovation.

“Nigeria has moved beyond rhetoric. Through clear licensing rounds and digital reforms, Komolafe has repositioned the country as not just resource-rich, but reform-ready,” she noted.

The think tank urged African governments to adopt a united front in pursuit of a continental energy investment framework and called on global stakeholders to stop portraying fossil fuel use in Africa as inherently at odds with climate goals.

“We can tackle climate change while still growing our economies. What Africa needs is patient capital, trusted partnerships, and an equitable voice in the global energy conversation. Komolafe has set the tone — now the world must listen,” Dr Ezeanochie added.