Nigeria has strategically repositioned itself to attract a share of the projected $600 billion in annual upstream investments required to develop Africa’s oil sector, which is expected to reach a total value of $3 trillion by 2030.
The Chief Executive of the commission, Gbenga Komolafe, who disclosed this, also revealed plans to raise the number of active oil rigs in the country from 36 to 50 by the end of 2025.
At the ongoing 2025 Africa Energies Summit (AES) in London, NUPRC Chief Executive Gbenga Komolafe stated that the rise from just eight oil rigs in 2021 reflects the impact of President Bola Tinubu’s recent reforms, which have removed key bottlenecks and boosted investor confidence in Nigeria’s petroleum sector.
The number of active oil rigs serves as a vital indicator of the level of activity in the oil and gas sector, showing the extent of ongoing exploration and production efforts. Each active rig represents a significant investment by an oil company aimed at either discovering new reserves or extracting oil from existing fields.
Komolafe, who spoke on the theme: “Igniting Nigeria and Africa’s Energy Future: Evolving Landscapes, Challenges, and Transformative Opportunities”, told the global audience at the event that Nigeria is now well positioned to tap into the projected $600 billion annual upstream investment required to grow Africa’s oil sector, estimated to hit about $3 trillion by 2030.
Referencing data from the International Energy Forum (IEF), NUPRC Chief Executive Gbenga Komolafe noted that Africa’s energy is expected to rise by 30% by 2040. He added that in response to this projection, Nigeria is actively working to attract the right investments to strengthen its energy sector.
Komolafe explained that “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 (IEF) last year.”
Komolafe stated that with the implementation of recent Presidential Executive Orders and the proactive efforts of the NUPRC, Nigeria has repositioned itself as not just a country with vast hydrocarbon resources, but as a favorable destination for investment, offering ease of doing business, regulatory clarity, and investor value.
He described the results as transformative, highlighting a significant uptick in investment, increased oil and gas reserves and production, and a rise in rig count from 8 in 2021 to 36, with projections to reach 50 by the end of 2025.
Komolafe stated that “This momentum reflects a bold new chapter; one driven by ambition, resilience, and opportunity. 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 further added “Our national production target is 3 million barrels per day but achieving this requires continuous investment to unlock new basins and mature frontier fields to secure future energy needs that will match our fast-growing population. Therefore, it is safe to say that Nigeria is a major force and the rallying point in hydrocarbon conversation in Africa.”
The NUPRC boss explained that each of the awards and rounds was conducted with unprecedented transparency, unmatched competitiveness, and remarkable investor engagement. Komolafe reaffirmed the Commission’s commitment to global standards, innovation, and partnerships.
He also highlighted efforts to improve data accessibility and quality, noting a major data acquisition campaign in partnership with TGS-PetroData and others, which includes over 11,000 sq km of 3D seismic data under the 56,000 sq km Awalé project.
Central to this progress is Nigeria’s National Data Repository (NDR), one of Africa’s largest seismic databases, offering access to data from over 10,000 wells, supporting detailed technical due diligence.
Komolafe emphasized that Nigeria’s wealth of accessible, high-quality seismic data has boosted investor confidence and solidified the country’s status as a data-rich, investment-ready energy hub.
He reaffirmed the central role of the oil and gas sector, which contributes 95% of Nigeria’s foreign exchange earnings and nearly 70% of government revenue, while also driving employment and global competitiveness.
However, he stressed the need for Nigeria to remain committed to strategic reforms that enhance revenue, provide real economic benefits for its over 200 million citizens, and ensure sustainable, attractive returns for investors.
To further strengthen Nigeria’s energy security and boost production capacity, the NUPRC has introduced a bold and visionary initiative dubbed ‘Project 1 million Barrels per Day (1MMBOPD). According to him, the project aims to increase crude oil production by over one million barrels per day in the mid-term, beyond the October 2024 production baseline.
He emphasized “This initiative was not conceived in abstraction, but in the context of real opportunity. It is a call to every oil and gas operating company, partners, and investors to revitalize dormant fields, rejuvenate brownfields, and deliver on the promise of existing assets in line with good asset stewardship.”
Since the launch of Project, he noted that Nigeria’s daily crude oil production has risen to 1.78 million barrels per day, up from 1.46 million barrels in October 2024. Komolafe reaffirmed that Nigeria is not only rich in natural resources; it offers a strategic landscape of high-yield opportunities for forward-looking investors
