NUPRC Targets 40% of Africa’s Oil and Gas Investment Flows

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set its sights on positioning Nigeria to attract at least 40% of all oil and gas investment inflows into Africa, citing the country’s vast hydrocarbon resources, recent regulatory reforms, and ongoing efforts to improve the investment climate.

Speaking at an industry stakeholders’ forum in Lagos, the Commission’s Chief Executive, Gbenga Komolafe, said the goal aligns with Nigeria’s ambition to reclaim its status as the continent’s foremost oil and gas destination. He noted that the implementation of the Petroleum Industry Act (PIA) has provided a more transparent and predictable framework for investors, but stressed that Nigeria must continue to address issues that have previously hindered investment inflows.

According to Komolafe, Africa currently attracts billions of dollars annually in upstream oil and gas investments, with countries like Angola, Namibia, and Mozambique making significant strides in new discoveries and project execution. “Nigeria, with its abundant reserves and strategic location, should naturally command a substantial share of this capital flow,” he said.

He explained that the Commission is working to fast-track licensing rounds, encourage deepwater exploration, and promote frontier basin development, with special focus on underexplored regions such as the Chad Basin, Benue Trough, and Anambra Basin. These efforts, he said, are designed to expand Nigeria’s reserves base and boost production capacity.

Security in oil-producing areas remains a key concern for investors, and Komolafe acknowledged that crude oil theft, pipeline vandalism, and unrest in host communities have negatively impacted production and investment confidence. He stated that the NUPRC is collaborating with security agencies, community leaders, and operators to implement more effective surveillance and protection measures for critical infrastructure.

The Commission is also advocating for the adoption of advanced exploration and production technologies to improve efficiency and reduce costs. “The future of oil and gas investment will favour jurisdictions that can deliver competitive unit costs, guarantee production uptime, and demonstrate fiscal stability,” Komolafe added.

On fiscal competitiveness, the NUPRC chief noted that Nigeria has adjusted its royalty and tax regimes under the PIA to make the sector more attractive. He said this would provide better returns for investors while ensuring the country receives fair value for its resources.

Komolafe further stressed the importance of gas development as part of the investment drive. He described Nigeria’s over 200 trillion cubic feet of proven gas reserves as a key asset in the global transition to cleaner energy, noting that gas projects would play a central role in attracting both domestic and foreign capital.

Industry analysts at the forum supported the Commission’s ambition but emphasised that achieving a 40% continental share will require sustained reforms, improved governance, and consistent policy implementation. They cautioned that competing African producers are offering increasingly competitive terms, meaning Nigeria must actively differentiate itself as an investment destination.

The NUPRC chief assured stakeholders that the Commission is committed to reducing bureaucratic bottlenecks, expediting approvals, and fostering stronger investor relationships. He also revealed plans for targeted international roadshows to market Nigeria’s oil and gas opportunities to global investors.

 

Komolafe concluded by stating that Nigeria’s vast resource base, combined with regulatory stability and improved security, could make the 40% target achievable within the next few years if all stakeholders remain committed. He called for close collaboration between the government, private sector, and host communities to ensure the country reclaims its leading role in Africa’s oil and gas investment landscape.

If Nigeria successfully captures 40% of Africa’s oil and gas investment flows, experts believe it could significantly boost foreign exchange earnings, create thousands of jobs, and accelerate infrastructure development across the country. Such gains, they note, would also strengthen fiscal stability and enhance the government’s capacity to fund critical social and economic projects.

However, industry observers warn that the target will remain aspirational unless Nigeria addresses lingering operational, fiscal, and governance challenges. They stress that achieving the goal will require a sustained commitment to reforms, a stable policy environment, and effective coordination among all stakeholders to ensure the oil and gas sector remains globally competitive.