The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has urged international and local investors to take advantage of Nigeria’s upcoming 2025 oil and gas licensing round, saying recent regulatory reforms have strengthened confidence in the country’s upstream sector.
Speaking in Lagos on Tuesday at the 10th anniversary of the Sub-Saharan Africa International Petroleum Exhibition and Conference, the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, said Nigeria has created a more stable and transparent investment environment following the implementation of the Petroleum Industry Act (PIA) 2021.
According to Eyesan, the 2025 licensing round forms part of the Federal Government’s broader plan to unlock Nigeria’s vast hydrocarbon resources and position the country as a competitive destination for upstream investment. She disclosed that the round will feature 50 oil and gas blocks spread across onshore, shallow offshore, and deepwater terrains.
She explained that the initiative reflects a focused approach to responsible resource development, noting that Nigeria is taking advantage of renewed global interest in Africa’s energy resources to attract credible investors.
Eyesan also highlighted Africa’s improving energy investment outlook, stating that the continent is expected to attract between $48bn and $50bn out of an estimated $520bn in global energy investments projected for 2026. This, she said, represents a significant increase compared to previous years when Africa accounted for less than four per cent of global energy investment.
She attributed the resurgence to growing investor interest in both frontier and established basins, with Nigeria, Namibia, and Mozambique among key destinations drawing attention.
While acknowledging the importance of foreign capital, the NUPRC chief stressed that domestic and regional financing remains critical to long-term energy sustainability. She described the Africa Energy Bank, headquartered in Nigeria, as a major step toward strengthening indigenous funding for energy projects across the continent.
Eyesan further noted that regional collaboration is reshaping Africa’s energy landscape, citing expanded gas and power infrastructure and the role of platforms such as the African Petroleum Regulators’ Forum in enhancing cooperation and amplifying Africa’s voice in global energy discussions.
In addition, she revealed that the commission is close to completing the award of licences from the 2024 oil bid round. Out of the 31 blocks offered in that round, 25 received bids, while the remaining blocks have been rolled into subsequent licensing exercises.
She described the pace of recent licensing rounds as unprecedented, noting that consistent access to acreage and improved incentives have helped attract capital into the sector. According to her, several major financial investment decisions have been recorded in the past two years.
Eyesan added that the 2025 licensing round, structured under the PIA framework, is expected to boost exploration activity, grow reserves, and encourage new entrants into Nigeria’s upstream industry, while maintaining regulatory stability.
She also pointed to the increasing participation of African independent operators, saying their growing presence signals confidence in Nigeria’s regulatory framework and long-term prospects.
With improved investor confidence, stronger indigenous financing, and deeper regional cooperation, Eyesan said Nigeria is well-positioned to strengthen its upstream sector and contribute to Africa’s energy security and economic development.
