The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has presented Nigeria’s upstream oil and gas sector as Africa’s premier investment frontier, citing extensive regulatory reforms and presidential interventions that have unlocked over $16 billion in investment opportunities since 2020.
Speaking at the Nigeria-China Sustainable Business Bilateral, Trade and Investment Summit, NUPRC Chief Executive, Gbenga Komolafe, highlighted the transformative impact of the Petroleum Industry Act (PIA) and three key executive orders—Executive Orders 40, 41, and 42—on the country’s energy investment climate.
“These reforms are strategic and intentional,” Komolafe stated. “They are designed to build investor confidence, strengthen regulatory transparency, and enable Nigeria to offer one of the most competitive upstream environments in Africa.”
He noted that the reforms have:
- Reduced contract cycle timelines from 36 months to six months
- Streamlined licensing and approval processes
- Introduced fiscal incentives that lower entry barriers for investors
With a specific focus on attracting Foreign Direct Investment (FDI) from China, the NUPRC emphasized that Nigeria’s reformed oil and gas sector now boasts cost-efficiency, regulatory clarity, and investor-friendly policies that rival or surpass its African peers.
“These executive orders have dismantled legacy bottlenecks and empowered investors with clarity, certainty, and confidence,” Komolafe concluded, inviting international partners to take advantage of the country’s evolving energy landscape.
