Abuja, Nigeria – July, 2025
The Nigerian oil and gas industry has secured a total investment commitment of $16 billion over the past two years, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This milestone reflects growing investor confidence in the country’s energy sector despite global uncertainties and domestic challenges.
NUPRC Chief Executive, Gbenga Komolafe, disclosed the development during a strategic engagement in Abuja, noting that the commitment was a direct result of reforms under the Petroleum Industry Act (PIA) and efforts to improve transparency, regulatory clarity, and operational efficiency in the upstream segment.
Komolafe emphasized that the Commission has taken deliberate steps to restore Nigeria’s competitiveness in the global oil and gas investment space, especially by addressing contract sanctity, reducing approval bottlenecks, and creating a stable fiscal regime.
“Between 2022 and 2024, the oil and gas industry has seen committed investments totaling about $16 billion, a clear signal that investor confidence is gradually returning,” Komolafe stated.
He highlighted that the NUPRC is working closely with both local and international partners to unlock more opportunities, especially in marginal field development, deep offshore projects, and gas expansion initiatives.
The Commission also revealed ongoing efforts to optimize production and recover lost volumes due to oil theft and sabotage. New technologies and collaborations with security agencies are being deployed to protect critical infrastructure and boost output.
This announcement comes at a time when Nigeria is pushing to meet its OPEC+ production quota and reposition itself as Africa’s top oil producer, amidst stiff competition from Angola and Libya.
Energy experts have lauded the development as a positive signal for the economy, projecting that sustained investment inflows will contribute to job creation, infrastructure growth, and increased government revenues.
