Chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has said that the coast is getting clearer for investors to flood Nigeria, given the current climate and opportunities.
Komolafe said in an address presented at a summit in London that with its vast hydrocarbon resources, progressive reforms and a strategic vision anchored on sustainable development and energy security, Nigeria now offers unmatched prospects for investors, industry players and partners seeking growth in the continent’s most dynamic market.
According to Komolafe, Nigeria remained the premier business destination, uniquely positioned at the major intersection of Africa’s energy future and global investment opportunities.
Referencing the 2024 edition of the summit, Komolafe recalled that the gathering ignited meaningful dialogue and opened a gateway to investment prospects across Nigeria’s upstream oil and gas sector.
“It was more than just an announcement of opportunities; it was a powerful reaffirmation of our shared vision to strengthen energy security as the cornerstone of economic growth, national resilience and social prosperity.”
He spoke on efforts so far made by the commission in the areas of decarbonization and rising global energy demand, catalyzing exploration opportunities, quality and accessibility of subsurface data, transformative reforms, the transformative impact on investment inflows, sustaining value creation, the project One Million Barrel Initiative, among others.
He said under the president, Bola Ahmed Tinubu, Nigeria has implemented reforms that have transformed the upstream oil and gas sector into a transparent, competitive and investor-friendly landscape.
The reforms, he said, have resulted in a surge in investor interests with rig counts increasing from eight in 2021 to 36 as at today, with a target of 50 by year-end.
“The government’s commitment to ease-of-doing-business is further demonstrated through Presidential Executive Orders aimed at tax incentives, exemptions and remissions, reducing contracting costs and timelines, eliminating operational bottlenecks, enhancing local content compliance and stimulating non-associated gas development, among others.
“These initiatives collectively position Nigeria as a destination where opportunity meets certainty and value creation. This momentum, he pointed out, reflects a bold new chapter driven by ambition, resilience and opportunity.
“The country is actively pursuing a production target of three million barrels per day, supported by initiatives such as the Project 1 Million Barrels per Day (1MMBOPD), which has already increased production from 1.46 million barrels per day in October 2024 to 1.78 million barrels per day recently.
“Our national production target is three million barrels per day, but achieving this requires continuous investment to unlock new basins and mature frontier fields to secure future energy needs that will match our fast-growing population,” he added.
He explained that the recent production growth was underpinned by efforts to revitalise dormant fields, deploy enhanced oil recovery techniques and accelerate new development drilling. The upstream sector remains the backbone of Nigeria’s economy, contributing 95% of foreign exchange earnings and nearly 70% of government revenue, while creating jobs and fostering economic resilience.
He noted, however, that “if we are to sustain, accelerate and truly harness the full potential of this sector for future generations, we must remain steadfast in advancing strategic initiatives that maximize government revenue, deliver tangible economic benefits to over 200 million Nigerians, and ensure consistent, attractive returns for our valued investors.”
