Nigeria’s oil and gas sector has witnessed significant growth, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reporting 28 Field Development Plans (FDPs) worth $18.2 billion in investment commitments in 2025. According to Engr. Gbenga Komolafe, Chief Executive of NUPRC, these commitments are expected to unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet (TCF) of gas, resulting in an additional 591,000 barrels of oil per day and 2.1 billion standard cubic feet per day (BSCFD) of gas.
Komolafe attributed the success to President Bola Tinubu’s renewed hope vision and the Petroleum Industry Act (PIA) 2021, which has ushered in a new era of governance, fiscal reform, and institutional realignment. The NUPRC, established under the PIA, has rolled out 24 transformative regulations, 19 of which are now gazetted, to operationalize key provisions of the Act.
The Commission has also unveiled a comprehensive Regulatory Action Plan (RAP) to tackle regulatory bottlenecks, vacate entry barriers, and ensure timely and transparent licensing rounds. As a result, the country has seen a significant increase in rig counts, from 8 in 2021 to 43 as of September 2025.
The approved FDPs are expected to boost Nigeria’s crude oil production, which is currently aspiring to reach over 3 million barrels per day. Komolafe noted that the recent bid rounds and concession awards, including the 57 PPL awards in 2022 and the 2024 Licensing Round, were executed with unprecedented transparency and competitiveness, drawing exceptional investor participation.
The developments in the oil and gas sector are laying a strong foundation for fresh investments and accelerated sectoral growth. Komolafe emphasized that Nigeria is building a world-class upstream oil and gas environment that rewards ambition, innovation, and responsibility. With the PIA as its foundation, reinforced by bold Presidential Executive Orders and transformative regulatory initiatives, the country is poised to attract significant investments in the sector.
The NUPRC’s efforts have also led to the approval of five major acquisition deals worth over $5 billion, unlocking opportunities for ambitious indigenous players. The Commission’s initiatives have demonstrated the country’s commitment to creating a favorable business environment, enhancing energy security, and driving economic growth. As Nigeria continues to implement its competitive reform agenda, the oil and gas sector is expected to play a crucial role in the country’s economic development.
