By Joycelyn Ellakeche Adah
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has issued a compelling invitation to global investors to partner with Nigeria in unlocking Africa’s vast energy potential.
Speaking at the close of the 2025 Africa Energies Summit in London, Komolafe declared Nigeria as a premier destination for energy investment, citing significant reforms and the country’s strategic role in shaping the continent’s energy future.
Delivering a keynote address titled “Igniting Nigeria and Africa’s Energy Future: Evolving Landscapes, Challenges, and Transformative Opportunities,” Komolafe underscored Nigeria’s unique position at the intersection of Africa’s energy needs and global investment flows.
He attributed this to the country’s abundant hydrocarbon resources, a progressive regulatory environment, and a clear strategic vision focused on sustainability and energy security.
Reflecting on the impact of the 2024 edition of the summit, the NUPRC boss described it as a watershed moment that opened up fresh investment windows in Nigeria’s upstream oil and gas sector.
“It was more than just an announcement of opportunities—it was a reaffirmation of a shared vision to drive energy security as a foundation for economic growth and national resilience.”
Komolafe outlined a range of ongoing and upcoming initiatives aimed at boosting oil and gas exploration and production.
Central among them is the Project One Million Barrels per Day (1MMBOPD), which has already raised Nigeria’s production from 1.46 million barrels per day in October 2024 to 1.78 million barrels per day.
The ultimate goal, he said, is to hit three million barrels per day—a feat that would require sustained investment in exploration and frontier development.
Komolafe also highlighted the reforms spearheaded under President Bola Ahmed Tinubu’s administration, describing them as “bold and visionary.”
These include the implementation of the Petroleum Industry Act (PIA), which has introduced globally competitive fiscal terms, streamlined regulations, and pragmatic entry barriers.
According to him, these reforms have already yielded tangible results, with Nigeria’s rig count jumping from 8 in 2021 to 36 currently, and projected to hit 50 before year-end.
The government’s commitment to ease-of-doing-business, he added, is evident in the rollout of Presidential Executive Orders offering tax incentives, waivers, and regulatory streamlining to reduce operational delays and stimulate investment, especially in non-associated gas development and local content enhancement.
Komolafe stressed the importance of aligning investment with data-backed decisions. In that regard, he said Nigeria now hosts one of Africa’s most comprehensive seismic and well data repositories, the National Data Repository (NDR), developed in collaboration with global service providers.
This, he noted, significantly de-risks exploration and enhances the country’s attractiveness to investors.
Natural gas, he emphasized, holds the key to Africa’s energy transition.
Highlighting national initiatives such as the Decade of Gas, the Presidential Compressed Natural Gas (CNG) Initiative, and the Nigerian Gas Flare Commercialisation Programme (NGFCP), Komolafe reaffirmed Nigeria’s commitment to using gas as a bridge fuel for sustainable development and industrial growth.
In pursuit of regional synergy, Komolafe said Nigeria is leading efforts to foster collaboration among African regulators through the African Petroleum Regulatory Forum (AFRIPERF).
The forum aims to harmonize regulations, promote cross-border investments, and strengthen shared infrastructure, thereby creating a more resilient and competitive oil and gas sector across the continent.
He also reiterated the NUPRC’s support for the Africa Energy Bank, providing technical and regulatory backing to ensure targeted financing for oil, gas, and energy transition projects.
“With abundant resources, business-friendly reforms, and a clear commitment to sustainability, Nigeria is not just Africa’s top oil and gas producer—it is the continent’s most compelling energy investment destination,” Komolafe declared,
He also called on international stakeholders to join hands in shaping Africa’s energy future.
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