Nigeria is rapidly gaining global attention as a prime destination for oil and gas investment, driven by strategic reforms in the upstream petroleum sector, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced.

At the 2025 Africa Energies Summit in London, NUPRC CEO Gbenga Komolafe highlighted the country’s transformation, anchored on transparency, quality data access, and regulatory overhaul under the Petroleum Industry Act (PIA). He said, “Each of these awards and rounds was conducted with unprecedented transparency, unmatched competitiveness, and remarkable investor engagement.”

Komolafe revealed that Nigeria’s push to restore competitiveness is powered by access to reliable geological data, citing a landmark partnership with global firms that has resulted in acquiring over 11,000 square kilometers of 3D seismic data as part of the 56,000 sq km Awalé Project.

“Our National Data Repository houses one of the most extensive seismic databases on the continent,” he added, underscoring how this data is boosting investor confidence.

Thanks to these efforts, Nigeria’s active rig count has surged from eight in 2021 to 36 today, with a goal of 50 by year-end. Komolafe stated, “With 210.54 trillion cubic feet of natural gas reserves—the largest in Africa—and 37.28 billion barrels of crude oil reserves, Nigeria holds enormous reserves.”

The NUPRC has also launched the “Project 1 Million Barrels per Day” initiative, successfully raising daily production from 1.46 million barrels in October 2024 to 1.78 million barrels per day.

Komolafe emphasized, “Through the Presidential Executive Orders and the proactive stance of the NUPRC, Nigeria has redefined itself as a destination where opportunity meets ease of doing business, certainty, and investor value.”

Despite infrastructure challenges, Komolafe expressed optimism, urging global investors to join Nigeria’s growing energy story: “We are standing boldly at the centre, fully ready, capable, and determined to lead.”