Nigeria is positioning itself to capture a significant share of the estimated $600 billion in annual upstream investment required to grow Africa’s oil sector, a figure projected to reach $3 trillion by 2030.

This was revealed by Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), during his remarks at the 2025 Africa Energies Summit currently taking place in London, United Kingdom.

Komolafe, speaking on the theme “Igniting Nigeria and Africa’s Energy Future: Evolving Landscapes, Challenges, and Transformative Opportunities,” told delegates that the country has emerged from its earlier investment bottlenecks with new momentum, following sweeping reforms under President Bola Tinubu’s administration.

From just eight active oil rigs in 2021, Nigeria now counts 36 and aims to reach 50 by the end of 2025.

Referencing data from the International Energy Forum (IEF), Komolafe noted that Africa’s energy demand is expected to rise by 30 percent by 2040, spurred by rapid population growth, industrialisation, and the continent’s push for universal energy access.

“Meeting this demand sustainably will require over $600 billion in upstream investments annually through 2030,” he said.

“Nigeria has continued to play its part to attract the right investment to the sector.”

He highlighted that through recent Presidential Executive Orders and NUPRC’s regulatory actions, Nigeria has redefined itself as a destination of both vast hydrocarbon potential and ease of doing business.

“The transformative impact has been remarkable,” Komolafe said.

“Our oil and gas sector has seen a significant surge in investment.

New investors, empowered by clarity and quality, have entered our sector.

Oil and gas reserves and production have increased, while rig counts have surged.”

According to Komolafe, Nigeria now boasts 210.54 trillion cubic feet of natural gas reserves, the highest in Africa, and 37.28 billion barrels of crude oil.

“Our national production target is 3 million barrels per day, but achieving this requires continuous investment to unlock new basins and mature frontier fields.

Nigeria is a major force and the rallying point in hydrocarbon conversation in Africa,” he added.

On licensing rounds, Komolafe said the commission has raised the bar with a focus on transparency and investor engagement.

“Each of the awards and rounds was conducted with unprecedented transparency, unmatched competitiveness, and remarkable investor engagement.”

He also spotlighted Nigeria’s investment in data infrastructure.

In partnership with TGS-PetroData and other multi-client service providers, the country has launched one of Africa’s largest data acquisition and reprocessing campaigns.

Over 11,000 square kilometres of 3D seismic data have been acquired as part of the 56,000sq km Awalé project.

The National Data Repository (NDR) now houses one of the continent’s most extensive seismic databases, including records from over 10,000 wells.

“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 said.

He reiterated the importance of the sector to Nigeria’s economy, noting that it contributes about 95 percent of foreign exchange earnings and nearly 70 percent of government revenue.

“If Nigeria is to truly harness the full potential of the sector for future generations, it must remain steadfast in advancing strategic initiatives that maximise government revenue and deliver tangible economic benefits to over 200 million Nigerians,” he said.

As part of its strategy to drive energy security and production resilience, the NUPRC launched Project 1 Million Barrels per Day (1MMBOPD), aimed at boosting Nigeria’s daily crude output by over 1 million barrels from the October 2024 baseline.

“This initiative was not conceived in abstraction,” Komolafe said.

“It is a call to every oil and gas operating company, partners, and investors to revitalise dormant fields, rejuvenate brownfields, and deliver on the promise of existing assets.”

Since the launch of the initiative, production has risen to 1.78 million barrels per day, up from 1.46 million in October 2024.

“Our message is simple and resolute,” Komolafe concluded.

“Nigeria is not only rich in natural resources; it offers a strategic landscape of high-yield opportunities for forward-looking investors.”