President Bola Ahmed Tinubu’s administration has recorded a major milestone in the oil and gas sector, attracting over $16 billion in investment commitments within two years. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), under the leadership of Gbenga Komolafe, attributes this success to bold reforms enabled by the Petroleum Industry Act (PIA) and reinforced by a series of executive orders from President Tinubu. These reforms have streamlined operations, reduced bureaucracy, and created a more transparent and investor-friendly environment.
Among the key achievements are the reduction of contract approval timelines from 36 months to 6 months, full digitisation of regulatory processes, and the issuance of 19 model regulations under the PIA. These changes have not only improved investor confidence but also attracted renewed interest from global energy giants such as ExxonMobil, Shell, TotalEnergies, and Seplat. ExxonMobil alone has committed $1.5 billion to deepwater development in Nigeria’s Usan field, while Shell is advancing its $8 billion Bonga Southwest project.
The NUPRC also reported a sharp rise in the number of active oil rigs from 8 during the pandemic to 44 as of mid-2025, reflecting renewed exploration and production activity. Nigeria’s proven reserves now stand at 38 billion barrels of oil and over 208 trillion cubic feet of gas, with production targets set to increase to 3 million barrels per day and 12 billion standard cubic feet of gas daily.
With 28 field development plans worth over $18 billion in capital expenditure currently underway, the Tinubu administration’s strategic approach is positioning Nigeria as a leading destination for upstream investment in Africa. These reforms continue to drive sustainable growth, create jobs, and support the nation’s broader economic diversification agenda.
