The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that recent reforms in Nigeria’s oil and gas sector have unlocked investment opportunities valued at over $16 billion since 2023, positioning the country as Africa’s top upstream frontier for foreign direct investment.
The Chief Executive Officer of the Commission, Gbenga Komolafe, made this known during the Nigeria-China Sustainable Business Bilateral, Trade and Investment Summit held in Lagos. His remarks spotlighted the transformative impact of the Petroleum Industry Act (PIA), Executive Orders 40, 41 and 42, and the Tinubu administration’s direct intervention in revitalising Nigeria’s energy investment climate.
According to Komolafe, Nigeria’s upstream oil and gas reforms are not only reducing bureaucratic bottlenecks but also enhancing transparency, shortening licensing timelines, and introducing highly competitive fiscal incentives.
“These reforms are strategic and intentional. They are designed to build investor confidence, strengthen regulatory transparency, and enable Nigeria to offer one of the most competitive upstream environments in Africa,” he told investors and trade partners at the summit.
The NUPRC boss explained that the introduction of Executive Orders 40, 41 and 42 significantly reduced contract approval timelines from a sluggish 36 months to just six months. This, he noted, has made Nigeria’s upstream space one of the most agile in the region, further enticing global investors, particularly those from China.
“With these executive actions, we’ve dismantled legacy bottlenecks and empowered investors with clarity and certainty. This is the signal to Chinese partners: Nigeria is open and ready for business,” Komolafe added.
The commission is currently focusing on high-potential areas such as deep offshore drilling, frontier basin development, gas commercialisation, energy infrastructure, and climate-resilient technologies.
Komolafe revealed that Nigeria holds over 38 billion barrels of oil reserves and an estimated 210 trillion cubic feet of proven gas reserves—making it the largest gas-endowed country on the continent.
While Nigeria is currently producing about 1.5 million barrels of oil per day and seven billion standard cubic feet of gas, the nation aims to ramp up production to 3 million bpd and 12 billion scf/day in the medium term.
Achieving these ambitious targets, he stressed, would require robust capital inflows from strategic partners, especially from countries like China with strong industrial investment capabilities.
“Our investment ambitions are not speculative. They are backed by reliable data, streamlined regulation, and presidential support. Nigeria is leveraging reforms to drive production, energy security, and economic growth,” he stated.
Komolafe also highlighted that Nigeria’s upstream sector is being repositioned to support sustainable partnerships through local content reforms. He referenced Executive Order 41, which promotes a healthy balance between indigenous participation and foreign capital integration.
“The reformulated local content strategy under EO 41 ensures that investors can comply with Nigerian laws while still finding value and scale in their operations,” he added.
He also confirmed that the commission’s licensing and permitting systems are fully digitised, making the regulatory processes transparent, predictable, and investor-friendly.
Speaking at the summit, Chinese Consul General in Lagos, Yan Yuqing, reiterated China’s readiness to deepen trade and industrial ties with Nigeria. She noted that the integration of vocational skill development and Chinese language training would support the success of future joint ventures in the energy and manufacturing sectors.
Industry analysts say Nigeria’s upstream reforms could play a pivotal role in reversing capital flight and positioning the country as a prime destination for oil and gas investments in the next decade.