- Nigeria’s upstream sector unlocks over $10bn in new investments, driven by regulatory reforms under PIA and improved investor confidence.
- Stakeholders link future growth to digitalisation and infrastructure upgrades, targeting 3 million barrels per day by 2030 alongside expanded gas production.
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said Nigeria’s upstream oil and gas sector has attracted more than $10bn in new investments following recent regulatory reforms. The commission shared this update at the 2026 Oloibiri Lecture and Energy Forum in Abuja. At the Forum, stakeholders examined pathways to increase oil production.
The federal government targets crude oil output of three million barrels per day by 2030. Commission Chief Executive Oritsemeyiwa Eyesan said the investment inflows reflect stronger confidence in Nigeria’s policy direction after the implementation of the Petroleum Industry Act.
She explained that regulatory clarity has accelerated major projects. The Bonga North deepwater project advanced after authorities clarified fiscal terms and streamlined approvals. The Ubeta gas project progressed after reforms introduced better incentives and a transparent licensing process. In addition, improved oversight strengthened execution in the HI project. This ensures better asset performance and long-term value delivery.
Eyesan noted that Nigeria holds over 37 billion barrels of crude oil and more than 200 trillion cubic feet of gas. However, weak execution and policy misalignment previously limited value creation. She added that the Petroleum Industry Act introduced certainty, transparency, and performance-based regulation, replacing delays with defined timelines.
She also highlighted digitalisation as a key driver of efficiency. The commission now manages approvals, compliance, and reporting through integrated digital platforms. As a result, operators can achieve faster decisions, improved safety, and better asset performance. She urged companies to adopt artificial intelligence, predictive analytics, and real-time monitoring to remain competitive.
Meanwhile, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said Nigeria must upgrade infrastructure to meet its production targets. Authority Chief Executive Saidu Aliyu Mohammed stressed that the country needs major investment in pipelines, processing facilities, and regulatory systems.
He linked the oil production target with Nigeria’s “Decade of Gas” ambition, which aims to deliver about 22 billion cubic feet of gas for domestic and export markets. He also noted that global energy disruptions have created new opportunities for Nigeria to attract investment. Now, investors now prioritise energy security.
To support this shift, he announced Project Nexus, a reform initiative that will automate licensing and regulatory processes. He also confirmed that the authority has consolidated multiple regulations into a unified framework to reduce bottlenecks and improve ease of doing business.
Industry stakeholders agreed that investment interest is returning to Nigeria’s energy sector. However, they stressed that sustained growth will depend on consistent policy implementation, modern infrastructure, and faster adoption of digital technologies.