ABUJA, Nigeria (VOICE OF NAIJA)-The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has said Africa must attract more than $600 billion in annual upstream oil and gas investment to meet its growing energy demands.
He made the statement at the 2025 edition of the Africa Energies Summit held in London, where Nigeria showcased a range of new initiatives aimed at boosting investor confidence and expanding exploration in its upstream oil and gas industry.
Komolafe stated that Nigeria is “well-positioned and fully prepared” to attract a substantial portion of the required capital, necessary to “power the continent’s development sustainably.”
He emphasised that recent transparent bid rounds conducted in 2022 and 2024 have helped reposition Nigeria as a global investment hub for oil and gas.
According to him, the commission is actively working to brand Nigeria as “a resilient, reform-driven, and investment-ready destination at the heart of Africa’s energy renaissance.”
Citing a 2023 study by the International Energy Forum, Komolafe said, “Africa must mobilise over $600bn each year through 2030 to address the continent’s rising energy needs,” pointing to an expected 30 per cent rise in demand by 2040, driven by population growth, industrialisation, and the pursuit of universal energy access.
Despite global efforts to reduce carbon emissions, Komolafe argued that hydrocarbons will remain critical in meeting global energy needs.
“As the world races towards a low-carbon future, projections from BP’s Energy Outlook 2024 remind us that hydrocarbons will still supply over half of global energy needs by 2050,” he said.
“Meanwhile, Africa’s own energy demand is poised to surge by 30 per cent by 2040, driven by rapid population growth, industrial ambition, and the rightful quest for universal energy access. Meeting this demand sustainably will require over $600 billion in upstream investments annually through 2030, according to a study conducted by the International Energy Forum last year,” he added.
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“This investment is not just desirable; it is absolutely necessary if Africa is to meet its developmental goals and transition sustainably. Interestingly, the global community increasingly recognises that the path to net zero must be just, inclusive, and region-specific.”
“Against this backdrop, Nigeria is forging a pragmatic and forward-looking path, recognising that for Africa, climate action must be intrinsically linked with development and universal energy access,” Komolafe said.
He noted that the 57 Petroleum Prospecting Licences awarded in 2022, along with the 2022 mini-bid round and the 2024 licensing round, have significantly reshaped Nigeria’s energy landscape.
“Each of these awards and rounds was conducted with unprecedented transparency, unmatched competitiveness, and remarkable investor engagement,” he said.
“Collectively, they have repositioned Nigeria as a prime destination for oil and gas investment while reaffirming our commitment to global standards of excellence, innovation, and partnership.
“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 from eight in 2021 to 36 currently, with projections to reach 50 by the end of the year.”
Describing this as a bold new chapter, one driven by ambition, resilience, and opportunity, Komolafe pointed to Nigeria’s enormous reserves “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.”
He credited these achievements to the implementation of the Petroleum Industry Act, 2021, which, he said, introduced regulatory certainty and provided access to high-quality geological and technical data.
Looking ahead, Komolafe revealed the country’s national oil production target stands at 3 million barrels per day.
He stressed that reaching this goal would depend on sustained investment to unlock new basins and mature frontier fields in line with Nigeria’s population growth and energy needs.
He also disclosed that the commission has launched one of the continent’s largest data acquisition campaigns, noting that it has already acquired over 11,000 square kilometres of 3D seismic data as part of the broader 56,000 sq km Awalé Project.