Nigeria Attracts Global Investors as Komolafe Showcases Upstream Reforms in London
Nigeria is gaining renewed global attention as a hotspot for oil and gas investment, following strategic reforms in its upstream sector that are beginning to yield tangible results.
Speaking at the 2025 Africa Energies Summit in London, Engr. Gbenga Komolafe, Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said the reforms — rooted in transparency, data access, and regulatory overhaul — are restoring investor confidence and driving production growth in Africa’s largest energy market.
Komolafe told energy leaders and investors at the summit that Nigeria’s upstream sector transformation is anchored on three core pillars: transparent licensing rounds, quality subsurface data, and bold regulatory changes enabled by the Petroleum Industry Act (PIA).
“Each of these awards and rounds was conducted with unprecedented transparency, unmatched competitiveness, and remarkable investor engagement,” he 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.”
According to the CCE, the NUPRC’s push to restore Nigeria’s competitiveness has been driven by access to reliable geological data — an essential element for informed exploration and development decisions.
He said the commission, in collaboration with global partners, has embarked on one of the most ambitious data acquisition projects on the continent.
“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,” Komolafe said.
He added that the National Data Repository (NDR), a cornerstone of Nigeria’s data strategy, has been pivotal in improving investor due diligence.
“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,” he said.
“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 credited recent progress to the policy environment created under President Bola Tinubu’s administration. Measures such as the reduction of entry barriers and the adjustment of fiscal frameworks have made it easier for investors to commit to Nigeria.
“Today, entry fees are pragmatic, calibrated to global realities, and tailored to support commercial viability on a case-by-case basis,” he said.
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“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.”
Komolafe said Nigeria has moved from eight active rigs in 2021 to 36 today, with projections to reach 50 by the end of 2025. This upward trend also mirrors increases in reserves and production levels.
“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,” he said.
“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 the momentum, Komolafe said the NUPRC launched the “Project 1 Million Barrels per Day” initiative aimed at ramping up daily crude oil production by over one million barrels beyond the October 2024 baseline.
“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 stated.
To sustain this progress, the Commission is adopting technological tools and streamlined processes to reduce downtime and improve efficiency.
“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,” Komolafe added.
Despite persisting challenges such as infrastructure and evacuation constraints, Komolafe said Nigeria remains proactive and focused on results. He urged global stakeholders to be part of the country’s unfolding energy story.
“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,” he said.
“These efforts must be supported by robust reservoir management and real-time production optimization.”
Komolafe also identified Nigeria’s youthful population as a key asset in building local capacity, promoting innovation, and adopting cleaner energy solutions.
“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,” he said.
“Nigeria is not waiting on the sidelines. We are standing boldly at the center; fully ready, capable, and determined to lead,” Komolafe said.
“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 foundations now laid for transparency, sustainability, and growth, experts at the summit agree that Nigeria is on course to becoming a cornerstone of Africa’s energy future.
By PRNigeria
