NUPRC Eyes 40% of Africa’s Oil

(NUPRC) The Nigerian Upstream Petroleum Regulatory Commission has unveiled an ambitious plan to restore Nigeria’s dominance in Africa’s oil and gas investment space after the nation’s share of sub-Saharan Africa’s upstream capital inflows declined from 44% in 2014 to 30% in 2022.

Speaking at the 50th anniversary conference of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, Commission Chief Executive, Gbenga Komolafe, said the newly launched Regulatory Action Plan (RAP) will serve as both a corrective framework and an investment magnet for the sector.

“In a fiercely competitive global environment, the RAP demonstrates Nigeria’s readiness to lead with clarity, confidence, and competitiveness,” Komolafe stated. He explained that the strategy is designed to reverse the decline in investment inflows, restore investor confidence, and reposition Nigeria as a premier upstream oil and gas destination.

Aligned with NUPRC’s 10-Year Strategic Plan, the RAP targets the removal of long-standing regulatory bottlenecks, the introduction of fiscally attractive terms for offshore, deepwater, and gas-focused projects, and the delivery of transparent, timely licensing rounds. The plan draws heavily from the Petroleum Industry Act (PIA), which established performance-based governance, investor-friendly fiscal regimes, and regulatory certainty.

Komolafe said the commission’s reform agenda extends beyond regaining market share to creating a more enabling environment for investment. This includes faster project approvals, the use of high-quality geological data to reduce exploration risks, and policies aimed at ensuring long-term stability for operators.

He noted that these efforts are already yielding results. Recent bid rounds, he said, have been conducted with unprecedented transparency and competitiveness, while operational activity is on the rise. Nigeria’s active rig count has surged from just eight in 2021 to 43 in 2025, with a target of 50 rigs by year-end, signaling renewed investor confidence.

A core feature of the RAP is the integration of digital innovation and data intelligence into upstream operations. The revitalised National Data Repository (NDR) now the largest digital petroleum data bank in Africa provides seamless access to comprehensive, high-quality geoscientific data. This enables investors to make faster, better-informed decisions. Additional initiatives such as seismic reprocessing, advanced basin analysis, and targeted data acquisition are designed to further de-risk exploration projects.

By implementing these measures, the NUPRC seeks to re-establish Nigeria’s leadership in the African oil and gas sector and expand its share of upstream investments to at least 40%. The commission’s broader vision is to position the country as a competitive global energy hub built on transparency, innovation, and strong investor partnerships.

Komolafe stressed that sustained reforms and investor-focused governance will be key to achieving these objectives. “We are confronting today’s realities with clear strategies to restore investor trust and elevate Nigeria’s standing in the global upstream market,” he said.

With the RAP now in motion, the NUPRC is betting on a new era of regulatory efficiency, competitive fiscal terms, and cutting-edge data systems to drive investment, boost production, and secure Nigeria’s place at the forefront of Africa’s oil and gas industry.