The Nigerian Upstream Petroleum Regulatory Commission is implementing bold measures to restore the country’s leading role in Africa’s oil and gas investment landscape, following a drop in its share of sub-Saharan Africa’s upstream inflows from 44% in 2014 to 30% in 2022.

Addressing the 50th anniversary conference of the Nigerian Association of Petroleum Explorationists in Lagos, Commission CEO Gbenga Komolafe stated that the agency’s new Regulatory Action Plan aims to both correct existing challenges and stimulate new capital investment in Nigeria’s upstream sector.

“In a fiercely competitive global environment, the RAP serves as both a corrective and catalytic framework to boost Nigeria’s share of sub-Saharan Africa’s upstream investments, which hitherto had dropped from 44 per cent in 2014 to just 30 per cent in 2022.

“It reflects the commission’s readiness to confront the realities of the present, restore investor confidence, and elevate Nigeria’s global standing as a prime investment destination in the upstream oil and gas space,” he said.

He explained that the plan, aligned with NUPRC’s 10-Year Strategic Plan, targets the removal of long-standing bottlenecks, the introduction of investor-friendly frameworks for offshore, deepwater, and gas projects, and the execution of transparent, timely licensing rounds.

Komolafe added that the Regulatory Action Plan is grounded in the Petroleum Industry Act, which established a new era of performance-driven governance, investor-focused fiscal policies, and regulatory certainty.

He added that, beyond reclaiming Nigeria’s lost market share in Africa’s upstream sector, the commission seeks to position the country as a top global investment destination by enhancing investor confidence, speeding up project approvals, and using high-quality data to reduce exploration risks.

Komolafe highlighted that the reforms are already yielding results, with recent bid rounds demonstrating unprecedented transparency and competitiveness. He noted that Nigeria’s rig count has risen from eight in 2021 to 43, with a year-end target of 50.

He added that the commission has integrated data intelligence and digital innovation into upstream operations. The revitalised National Data Repository, Africa’s largest digital petroleum data bank, now provides seamless access to high-quality geoscientific data, enhancing investment decision-making through seismic reprocessing, advanced data-driven basin analysis, and targeted data acquisition.

He explained that the recent bid rounds achieved “unprecedented” success, highlighted by the 57 PPL awards in 2022, the 2022 Mini-Bid Round, and the 2024 Licensing Round.

“Each of these rounds was conducted with unprecedented transparency, unmatched competitiveness, and remarkable investor engagement. Fiscal reform has indeed been a key lever. The commission has implemented competitive royalty regimes, zero hydrocarbon tax for certain projects, and other fiscal consolidation mechanisms tailored to support project viability,” he said.