The CEO of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has stated that Africa will need over $600 billion annually in upstream oil and gas investment to meet its rapidly growing energy needs.
He emphasized that Nigeria is strategically positioned and fully prepared to attract a significant portion of this capital, ensuring sustainable energy development across the continent.
Komolafe made the remarks in London at the 2025 Africa Energies Summit, where Nigeria unveiled new initiatives to attract investors and boost upstream oil and gas exploration. He noted that the transparent bid rounds of 2022 and 2024 have repositioned Nigeria as a global investment hub for the sector.
He stated that the Commission is positioning Nigeria as a resilient, reform-driven, and investment-ready destination at the center of Africa’s energy renaissance.
Citing a 2023 study by the International Energy Forum, the NUPRC boss highlighted that Africa must mobilize over $600 billion annually through 2030 to meet rising energy demands, which are projected to increase by 30% by 2040 due to population growth, industrialization, and the push for universal energy access.
He noted that despite the global push for decarbonization, hydrocarbons will remain crucial in meeting energy demand. Citing the BP Energy Outlook 2024, he noted that fossil fuels are projected to still make up over 50% of the global energy mix by 2050.
“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. 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.
“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 explained how the 57 PPL awarded in 2022, the 2022 mini-bid round, and the 2024 licensing round have reshaped Nigeria’s energy landscape.
He said, “Each of these awards and rounds was conducted with unprecedented transparency, unmatched competitiveness, and remarkable investor engagement.
“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.
“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.”
The NUPRC boss stated that recent achievements in the oil and gas sector were made possible by the Petroleum Industry Act (PIA) 2021, which provided regulatory clarity and access to high-quality geological and technical data.
He revealed that Nigeria’s current national oil production target is 3 million barrels per day. Reaching this target, he noted, will require sustained investment to explore new basins and develop frontier fields, ensuring the country can meet its future energy demands in line with its growing population.
