Neconde Energy Limited has expressed concern over the persistent bureaucratic challenges and tough regulatory climate slowing down Nigeria’s oil and gas industry.

Speaking at the Nigerian Oil and Gas 2025 Conference in Abuja, the company’s Acting Managing Director and Gas Asset Manager, Chichi Emenike, pointed out that multiple regulatory charges and delays in government approvals are discouraging investment and making operations more difficult.

She highlighted that much of the sector’s funding now comes from private sources, as investors grow wary due to the lack of clarity and profit certainty. Emenike stressed that investment is not charity—investors expect returns and stable policies.

Although she welcomed recent reform promises from the current administration, she emphasized that these changes must be implemented practically and not remain mere announcements.

Emenike also advocated for the deregulation of gas pricing and infrastructure development. She compared the current state of the gas sector to the early days of Nigeria’s telecoms industry, suggesting that similar liberalization could unlock massive growth.

She raised concerns that certain provisions in the Petroleum Industry Act still allow government control over gas prices, which she believes undermines confidence and hinders upstream growth.

Neconde has already increased oil production at its OML 42 asset from 10,000 to 50,000 barrels per day and plans to make a final investment decision on its gas projects later this year to help expand Nigeria’s gas reserves.