The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe said Nigeria’s sweeping oil and gas sector reforms have triggered a major investment boom, attracting over $16bn in upstream commitments between 2023 and 2025 and
Komolafe said the reforms, driven by regulatory clarity, improved ease of doing business, and targeted fiscal incentives have reignited interest from global energy giants such as Shell, TotalEnergies, and Seplat, while empowering a wave of dynamic indigenous operators.
The CCE said this at the Nigeria-China Sustainable Bilateral Business, Trade, And Investment Summit, held in Lagos.
He spoke on the ‘Strategic Imperatives for Advancing Investments Through Upstream Petroleum Regulations.’
He reaffirmed NUPRC’s shared vision to strengthen energy security and reliability, energy accessibility and affordability, energy sustainability, and economic viability of investment through regulations.
According to the CCE, Nigeria’s oil and gas industry has undergone reforms under the President Bola Tinubu-led government.
The NUPRC boss said the reforms are underpinned by a “strong commitment to regulatory clarity, investor confidence, ease of doing business, vacating entry barriers, promoting and supporting long-term industry.”
Komolafe said the presidential reforms were not mere policy gestures, adding that they are marching orders that have slashed average contracting cycles from a cumbersome 36
months to 6 months, unlocked strategic tax incentives for deepwater, frontier basin, and gas projects, and dismantled long-standing fiscal bottlenecks.
“The outcome has been extraordinary: between 2023 and 2025, Nigeria secured over $16bn in upstream investment
commitments, with renewed participation from global energy giants like Shell, TotalEnergies, and Seplat, as well as a surge of dynamic indigenous operators rising to the fore.”
The NUPRC Chief further stated that Nigeria’s investment climate has been profoundly reshaped through bold, investor-focused reforms aimed at revitalising the oil and gas sector.
Under the leadership of the president and guided by the Petroleum Industry Act (PIA), the country has introduced a series of attractive fiscal incentives designed to draw global investment.
“The generous fiscal incentives in the PIA, such as zero hydrocarbon tax, reduced royalty rates, tax consolidation provisions amongst others are attractive for investments,” the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated.
In March 2024, President Tinubu signed into effect a landmark package of Executive Orders to further enhance the sector’s appeal.
These include the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.), the Presidential Directive on Local Content Compliance, and the Directive on the Reduction of Petroleum Sector Contracting Costs and Timelines.
“These reforms include globally competitive fiscal terms, more efficient regulatory processes, and the elimination of prohibitive entry barriers to promote and attract viable investment to the oil and gas sector,” the NUPRC noted.
He told investors that entry fees into the petroleum sector are now pragmatic and calibrated to global realities.
“They are tailored to support commercial viability on a case-by-case basis,” the NUPRC boss added.
Komolafe said the country’s aspiration is to increase production to 3 million barrels of oil and 12 billion standard cubic feet of gas per day.
According to him, these ambitious targets require sustained “investment to unlock untapped basins, advance the development of mature and frontier fields, and establish critical oil and gas infrastructure.
“There are new frontier opportunities in onshore, shallow water and deep offshore blocks, especially in underexplored basins.
“Our new licensing rounds regime provides predictable and more frequent investment opportunities for both international companies and indigenous players to enter and expand in the Nigeria’s growing energy market.”
He added that there are enormous investment opportunities
in Liquefied Natural Gas (LNG) projects, FLNGs and
Compressed Natural Gas (CNG) transportation
infrastructure, aimed at enhancing both export
capacity and domestic energy supply.
He added, “In addition, attractive green investment prospects exist in gas-to power initiatives, Carbon Capture and Storage (CCS) technologies, and renewable energy solutions, as
“Nigeria intensifies efforts to reduce gas flaring and
methane emissions in alignment with global energy
sustainability goals.”