The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that Nigeria attracted $16 billion in oil and gas investments between 2023 and 2025.
This was disclosed by the Commission Chief Executive, Gbenga Komolafe, during his address at the Nigeria-China Sustainable Bilateral Business, Trade, and Investment Summit held in Lagos. His speech was titled: “Strategic Imperatives for Advancing Investments Through Upstream Petroleum Regulations.”
Komolafe emphasized that Nigeria’s petroleum sector has undergone transformational reforms under the current administration, positioning the country as a premier global energy investment destination.
“These reforms are not just policy rhetoric but have translated into real action—reducing contracting cycles from 36 months to just six months,” he said.
He noted that the changes were anchored on regulatory clarity, investor confidence, ease of doing business, and industry stability. The reforms have also unlocked strategic tax incentives for deepwater, frontier basin, and gas projects, while removing long-standing fiscal bottlenecks and speeding up project approvals.
Komolafe stressed that the $16 billion investment figure is a testament to the effectiveness of Nigeria’s upstream regulatory approach, and he called for continued collaboration with global partners like China to sustain the momentum.
