 has set its sights on capturing 40% of Africa’s oil and gas investments){kind=link}
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled an ambitious strategy to reclaim Nigeria’s dominance in Africa’s oil and gas investment landscape, setting its sights on securing 40% of the continent’s upstream investments over the next few years.
This comes after Nigeria’s share of sub-Saharan Africa’s upstream inflows declined sharply from 44% in 2014 to just 30% in 2022, amid rising competition from emerging oil producers like Guyana, Namibia, and Mozambique.
Speaking at the 50th anniversary conference of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, NUPRC Chief Executive, Gbenga Komolafe, said the commission’s Regulatory Action Plan (RAP) is designed to restore investor confidence, dismantle bureaucratic bottlenecks, and introduce globally competitive fiscal regimes.
“In a fiercely competitive global environment, the RAP serves as both a corrective and catalytic framework to reposition Nigeria as the leading upstream investment destination in Africa,” Komolafe stated.
The RAP aligns with NUPRC’s 10-Year Strategic Plan and focuses on:
Fiscally attractive frameworks for offshore, deepwater, and gas-based investments.
Transparent and timely licensing rounds to boost investor participation.
Data-driven decision-making through Africa’s largest petroleum data repository.
Infrastructure upgrades to de-risk exploration and improve operational efficiency.
Komolafe highlighted that the RAP leverages the Petroleum Industry Act (PIA), which introduced investor-friendly fiscal regimes, regulatory certainty, and performance-based governance.
NUPRC has embedded advanced data analytics, seismic reprocessing, and basin analysis into upstream operations. The revitalised National Data Repository (NDR) now allows global investors access to high-quality geoscientific data, enabling better risk assessment and faster project development.
Komolafe also stressed that recent bid rounds have been marked by unprecedented transparency and competitiveness. Key milestones include:
The 57 Petroleum Prospecting Licence (PPL) awards of 2022.
The 2022 Mini-Bid Round.
The 2024 Licensing Round.
These rounds attracted both established operators and new entrants, supported by competitive royalty regimes and zero hydrocarbon tax incentives for certain projects.
Under the Project One Million Barrels Initiative, launched in 2024, Nigeria aims to raise daily crude output from 1.46 million barrels per day (bpd) to 2.5 million bpd by 2026. Current unreconciled production averages between 1.7 and 1.83 million bpd, bolstered by:
Reactivating dormant oil fields.
Fast-tracking regulatory approvals.
Approving 37 new evacuation routes to curb crude theft.
The commission is also collaborating with national security agencies to protect hydrocarbon assets, while enforcing the Domestic Crude Supply Obligation to guarantee feedstock for local refineries.
Nigeria’s push comes at a time when Africa is attracting renewed upstream interest due to global supply uncertainties and the energy transition debate. Countries like Namibia have recently made massive offshore discoveries, while Angola has successfully drawn significant deepwater investments.
By implementing its RAP, Nigeria aims not just to reclaim lost ground but to surpass previous benchmarks in upstream project approvals, investment inflows, and production volumes.
Komolafe concluded by reaffirming NUPRC’s readiness to collaborate with domestic and international stakeholders to secure Nigeria’s long-term energy future.
“We do not want to look back and say we missed opportunities. We want to look back and say we made the right choices for Nigeria’s energy security and economic growth,” he said.