- Nigeria is introducing fiscal incentives, stronger security and regulatory reforms to attract fresh investment into its upstream petroleum sector.
- The NUPRC will open its 2026 oil and gas licensing portal on November 20, offering 40 oil and gas blocks.
Nigeria is introducing fiscal incentives, stronger security and investment reforms to attract fresh capital into its upstream petroleum sector. The government is preparing to open its 2026 oil and gas licensing portal on November 20.
The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, disclosed this at the 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). The event took place in Abu Dhabi, United Arab Emirates, on Monday.
Speaking at a roundtable titled ‘Energy Sovereignty in an Interconnected World: Aligning National Priorities, Markets and Global Security’, Eyesan invited international investors to participate. The licensing round offers 40 oil and gas blocks.
Fiscal reforms target investment barriers
Eyesan said Nigeria had introduced competitive fiscal terms and incentives to attract investment. She added that the government was strengthening security and tackling operational challenges.
These measures aim to improve investor confidence and reduce the cost of operating in the upstream sector.
“We are expecting investors to turn to Nigeria. We are going in for another licensing round and we will be launching our bid portal on November 20. We expect to see interested investors because the environment is a lot more competitive.
“We have set a very attractive fiscal framework for investors. The entire environment is a lot more secure. We have been able to manage costs with a lot of incentives for investors and we expect to see investors take up the offer when we open the portal,” she said.
Eyesan attributed the improving investment climate to the Petroleum Industry Act (PIA) 2021. She also cited executive orders introduced by President Bola Tinubu to reposition the sector.
Nigeria has conducted at least four successful licensing rounds between 2021 and 2026, according to Eyesan. This marks a shift from the pre-PIA period, when licensing exercises occurred less frequently.
Gas infrastructure presents new investment opportunities
Beyond crude oil, Nigeria’s estimated 215 trillion cubic feet (TCF) of proven gas reserves offer significant investment potential. However, current production stands at approximately seven billion cubic feet daily.
Eyesan said investments in major gas infrastructure projects could help unlock additional supplies. These developments would support domestic consumption, regional trade and international exports.
She also identified the proposed Nigeria-Morocco Atlantic Gas Pipeline and Trans-Sahara Gas Pipeline as strategic projects. Both initiatives could expand Nigeria’s access to African and European energy markets.
Investor confidence remains critical to sector growth
Despite these opportunities, competition among petroleum-producing countries for global investment continues to intensify. Eyesan said governments must address concerns around project execution, costs, delays and policy uncertainty.
She explained that Nigeria was taking steps to manage these risks and attract the capital needed to develop its oil and gas resources.
“What we have done in Nigeria is to ensure that we guard against these risks and then attract the investment required to enable us to unlock the huge resources we sit on,” she said.
The November licensing round will test the effectiveness of Nigeria’s fiscal incentives and regulatory reforms. Its outcome could determine whether the country attracts fresh exploration, production and investment commitments.