The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a strategic push to reclaim the country’s leading position in Africa’s oil and gas investment space, following a significant drop in its share of sub-Saharan Africa’s upstream inflows over the past decade.
Speaking at the 50th anniversary conference of the Nigerian Association of Petroleum Explorationists in Lagos, Commission Chief Executive, Gbenga Komolafe, revealed that Nigeria’s share of the region’s upstream investment fell from 44 per cent in 2014 to 30 per cent in 2022.
To reverse this trend, the agency has unveiled a new Regulatory Action Plan (RAP) — a framework Komolafe described as both corrective and catalytic. “In a fiercely competitive global environment, the RAP signals to domestic and international investors that Nigeria is ready to lead with clarity, confidence, and competitiveness,” he said.
According to Komolafe, the plan is designed to restore investor confidence, address pressing industry realities, and position Nigeria as a prime destination for upstream oil and gas investments in the global market.
