At the 2025 Africa Energies Summit in London, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) unveiled a bold energy roadmap aimed at transforming Nigeria into Africa’s energy investment hub.
Delivering the keynote address, Commission Chief Executive Engr. Gbenga Komolafe declared Nigeria “ready for business,” detailing sweeping reforms and new initiatives to boost oil and gas production and drive sustainable economic growth.
Citing Nigeria’s 210.54 trillion cubic feet of natural gas and 37.28 billion barrels of crude oil reserves, Komolafe emphasised the country’s unmatched potential and reaffirmed its commitment to responsible hydrocarbon development amidst global calls for decarbonisation.
“Hydrocarbons will still supply over half of global energy needs by 2050,” he said, referencing projections from BP and the International Energy Forum. “Africa must chart a just, inclusive energy transition that does not compromise development.”
At the heart of Nigeria’s strategy is Project 1 Million Barrels Per Day, a new initiative to increase daily crude oil production beyond the October 2024 baseline of 1.46 million barrels. The project has already seen production climb to 1.78 million barrels per day, with expectations to reach 3 million barrels long term.
Komolafe also spotlighted the success of Nigeria’s 2022 and 2024 licensing rounds, which were praised for transparency and competitiveness, attracting new investors and enhancing reserves.
He noted the significant progress in data accessibility, with over 11,000 square kilometers of 3D seismic data and 10,000 well records now available through the upgraded National Data Repository. Nigeria’s upstream sector has also benefited from wide-ranging policy reforms under the Petroleum Industry Act and recent Executive Orders, which have lowered entry barriers, improved fiscal incentives, and slashed contracting costs.
In line with its “Decade of Gas” and compressed natural gas (CNG) initiatives, the country is championing natural gas as a transition fuel, boasting an upside potential exceeding 600 trillion cubic feet. Regionally, Nigeria is playing a leadership role in harmonising regulations through the Africa Petroleum Regulatory Forum and mobilizing capital via the Africa Energy Bank.
“Our infrastructure gaps present immense opportunities for strategic partnerships,” Komolafe told a room of international investors. “We’re not just offering oil and gas, Nigeria is offering certainty, reform, and real returns.”
He concluded with a rallying call, saying “Nigeria must not only be open for business; Nigeria must be irresistible for investment.”
Chioma Kalu
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