Nigeria is witnessing a significant boost in oil production and gas investment, thanks to sweeping reforms in its upstream sector, according to Engr. Gbenga Komolafe, Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Speaking at the 2025 Africa Energies Summit in London, Komolafe outlined the strategic interventions fueling renewed investor confidence and operational momentum in Africa’s largest energy market.
Komolafe said Nigeria’s upstream transformation is anchored on three core pillars: transparent licensing rounds, quality subsurface data, and bold regulatory reforms enabled by the Petroleum Industry Act (PIA).
These reforms, he noted, are positioning the country as a competitive, attractive, and investor-friendly destination.
“Each of these awards and rounds was conducted with unprecedented transparency, unmatched competitiveness, and remarkable investor engagement,” Komolafe said.
“Collectively, they have repositioned Nigeria as a prime destination for oil and gas investment, while reaffirming our commitment to global standards of excellence, innovation, and partnership.”
At the heart of this transformation, he said, is access to high-quality seismic and geological data which are critical for risk assessment and investment decisions.
NUPRC, in collaboration with global partners, has embarked on one of Africa’s most ambitious data acquisition efforts.
“Through a landmark partnership with TGS-PetroData and other multiclient service providers, the NUPRC embarked on one of Africa’s most ambitious data acquisition and reprocessing campaigns, acquiring over 11,000 square kilometers of 3D seismic data as part of the broader 56,000 sq km Awalé Project,” he said.
“At the heart of this revolution also is our National Data Repository (NDR), which houses one of the most extensive seismic databases on the continent and records from over 10,000 wells, enabling both physical and remote access for thorough technical due diligence.
“This wealth of accessible, high-quality data has not only empowered investor confidence during recent bid rounds but has firmly repositioned Nigeria as one of the most data-rich and investment-ready destinations in the global energy landscape.”
Komolafe also highlighted the impact of recent policy moves under President Bola Tinubu’s administration, including the reduction of entry barriers and the rollout of incentives tailored to global realities.
“Today, entry fees are pragmatic, calibrated to global realities, and tailored to support commercial viability on a case-by-case basis,” he stated.
“Through the Presidential Executive Orders and the proactive stance of the NUPRC, Nigeria has redefined itself not only as a land of vast hydrocarbon potential but as a destination where opportunity meets ease of doing business, certainty, and investor value.”
As a result, Nigeria has seen rig counts rise from eight in 2021 to 36 today with projections to hit 50 by the end of 2025.
“New investors, empowered by clarity and quality, have entered our sector; oil and gas reserves and production have increased, while rig counts have surged from 8 in 2021 to 36 currently,” Komolafe noted.
“With 210.54 trillion cubic feet of natural gas reserves, the largest in Africa, and 37.28 billion barrels of crude oil reserves, Nigeria holds enormous reserves.”
To consolidate these gains, the NUPRC launched the “Project 1 Million Barrels per Day” initiative, aimed at increasing crude oil output by over a million barrels daily above the October 2024 baseline. Komolafe said the results are already evident.
“Since the launch of the project, we have achieved a notable increase in daily production, recently reaching 1.78 million barrels per day, up from a baseline of 1.46 million barrels per day in October 2024,” he said.
“To sustain momentum, the NUPRC is fast-tracking rig licensing and is set to introduce digital tools aimed at optimizing rig utilization and securing long-term contracts.”
While challenges remain, Komolafe affirmed that Nigeria is not short of ambition or action.
The CCE called on international partners, financiers, and technology leaders to join hands with Nigeria to unlock its full upstream potential — offering a blend of opportunity and certainty rarely found in the global energy landscape.
“Distinguished Investors and Partners, our drive to tackle production and evacuation challenges has presented several opportunities in a wide range of upstream activities including reviving shut-in wells, executing workover campaigns, deploying enhanced oil recovery techniques in mature fields, and advancing new development drilling across both brownfields and underdeveloped assets. These efforts must be supported by robust reservoir management and real-time production optimization,” he added.
“Additionally, Nigeria’s youthful population presents a unique opportunity to drive innovation and workforce development in the exploration of frontier basins as well as the advancement of decarbonisation technologies in the oil and gas sector.
“Nigeria is not waiting on the sidelines. We are standing boldly at the center; fully ready, capable, and determined to lead. In this new energy era, our initiatives and strategic efforts are designed to deepen investor confidence, drive sustainable growth, bridge the gap between resource potential and actual production, unlock the full value of our upstream assets, and deliver tangible results that advance shared prosperity.”
With the right reforms in motion and a clear vision for sustainability, experts say Nigeria stands ready to harness its full upstream potential and become a cornerstone of Africa’s energy future.