Nigeria’s oil and gas sector is witnessing a major investment boom, with reforms under the Petroleum Industry Act (PIA) driving unprecedented confidence among investors. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reports that the country has secured $18.2 billion in investment commitments in 2025 alone.

Speaking at Africa Oil Week (AOW) in Accra, Ghana, NUPRC CEO Gbenga Komolafe said the commission approved 28 new Field Development Plans (FDPs) this year. These projects are set to develop 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas, adding an estimated 591,000 barrels of oil per day and 2.1 billion standard cubic feet of gas per day to national output.

Major developments include the $5 billion final investment decision (FID) for the Bonga North deep offshore project and the $500 million Ubeta Gas Project. Additional projects expected to receive approvals include HI NAG, Ima Gas, Owowo Deep Offshore, and Preowei Fields.

Komolafe highlighted that reforms, transparent licensing processes, and presidential executive orders have strengthened investor confidence. Rig counts have also surged from eight in 2021 to 43 as of September 2025, reflecting increased upstream activity.

The commission further noted that President Bola Tinubu’s administration has approved five major acquisition deals worth over $5 billion, creating new opportunities for local players. Previous licensing rounds, including the 2022 award of 57 Petroleum Prospecting Licenses and the 2024 licensing round, were executed with high levels of transparency, with 27 of 31 available blocks successfully awarded.

“With the PIA as a foundation, supported by bold presidential and regulatory initiatives, Nigeria is positioning itself as a top destination for upstream investment, fostering growth, innovation, and responsibility,” Komolafe said.