In a bold call to action, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has declared that Africa must secure over $600 billion annually in upstream oil and gas investments through 2030 to meet its surging energy demands. This was revealed by the NUPRC Chief Executive, Gbenga Komolafe, at the 2025 Africa Energies Summit held in London, where Nigeria showcased new strategic initiatives aimed at attracting global investors to its upstream sector.
Speaking to an audience of international stakeholders and investors, Komolafe emphasized that Nigeria is not only ready but strategically positioned to capture a significant share of the required capital, thanks to its massive hydrocarbon reserves, transparent governance reforms, and aggressive investment drive.
According to Komolafe, Nigeria’s proactive energy reforms and commitment to transparent resource management have repositioned the country as a leading destination for global energy investments.
“The transparent bid rounds in 2022 and 2024 have repositioned Nigeria as a global investment hub for oil and gas,” he said. “Our sector has experienced a surge in investment activity. With rising rig counts—from just eight in 2021 to 36 now—and projections to hit 50 rigs by year-end, we are witnessing unprecedented momentum in upstream development.”
He attributed this resurgence to the Petroleum Industry Act (PIA) of 2021, which has enhanced regulatory clarity, strengthened investor confidence, and driven operational efficiency across Nigeria’s energy value chain.
Citing a 2023 report by the International Energy Forum, Komolafe warned that without annual investments of at least $600 billion in upstream projects, Africa risks falling behind in energy development.
“With Africa’s energy demand projected to grow by 30 percent by 2040, driven by population growth, industrialisation, and energy access ambitions, the continent must act urgently,” he said.
He stressed that hydrocarbons will remain a vital part of the global energy mix, referencing the 2024 BP Energy Outlook which projects that fossil fuels will still supply over 50 percent of the world’s energy needs by 2050.
“The global energy transition must be just, inclusive, and reflect regional contexts,” Komolafe stated. “For Africa, energy security and development cannot be sacrificed at the altar of climate targets. Investment in hydrocarbons remains crucial even as we align with low-carbon goals.”
Nigeria is aggressively pursuing frontier exploration and deepening data acquisition to unlock its vast reserves. The NUPRC boss revealed that the commission has undertaken one of Africa’s largest geophysical mapping efforts through the Awalé Project, acquiring over 11,000 square kilometres of 3D seismic data out of a planned 56,000 square kilometres.
With an estimated 210.54 trillion cubic feet of natural gas—the highest in Africa—and 37.28 billion barrels of crude oil, Nigeria is strategically leveraging its energy endowment to drive development and attract capital.
“Our national production target remains 3 million barrels per day,” Komolafe noted. “To achieve this, we must continue to attract and deploy capital to mature frontier basins and maximise existing assets.”
He added that the bid rounds and license awards of 2022 and 2024 were conducted with record-breaking transparency, investor participation, and competitiveness, reaffirming Nigeria’s place as an energy frontier.
At the summit, Komolafe reiterated Nigeria’s resolve to partner with international oil companies, independent producers, and investors to drive innovation, boost production, and ensure a just energy transition.
“Our vision is to make Nigeria the epicentre of Africa’s energy renaissance,” he said. “We are reform-driven, resilient, and open for business.”
He further urged multilateral institutions, climate financiers, and global energy players to see Africa as a viable and strategic partner in the global energy equation.
“In the face of climate urgency and energy poverty, Africa needs investment—not divestment. With Nigeria leading by example, we are ready to mobilise the capital, technology, and partnerships needed for a sustainable energy future.”
The call by NUPRC’s Komolafe underscores the urgency of Africa’s energy investment gap and the strategic role Nigeria seeks to play in closing it. With the right policies, robust reserves, and an investor-friendly landscape, Nigeria is making a strong case as Africa’s energy capital—ready to fuel the continent’s development while navigating the global energy transition.