By Obinna Uballa
The Federal government of Nigeria is pushing a twin agenda of attracting record upstream investments andy fostering regional energy integration, with applicable officials in the energy sector insisting that the continent must unite to tackle energy poverty and reduce its dependence on hydrocarbon imports.
At the ongoing Africa Oil Week (AOW) holding from September 15 to 18 in Accra, Ghana, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, announced that reforms under the Petroleum Industry Act (PIA) has spurred $18.2 billion in capital commitments through 28 new Field Development Plans (FDPs) approved in 2025.
The projects, according to him, are expected to unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas, boosting national output by an estimated 591,000 barrels of oil per day and 2.1 billion standard cubic feet of gas per day.
“These commitments confirm Nigeria as one of the most dynamic and attractive upstream investment frontiers globally,” Komolafe said on Tuesday, noting that rig counts surged from eight in 2021 to 43 as of September 2025. He pointed to landmark projects such as the $5 billion Bonga North development and the $500 million Ubeta Gas Project as proof of renewed investor confidence.
The regulatory chief credited President Bola Tinubu’s reform agenda and executive orders for creating what he called a stable environment that has enabled fresh deals, including five major acquisitions worth over $5 billion and highly subscribed licensing rounds.
In a parallel push, Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, called for regional cooperation, warning that Africa’s annual $120 billion spend on imported hydrocarbons represents unsustainable capital flight.
“Integration remains the most effective strategy to end Africa’s energy poverty. Shared infrastructure, harmonised standards, and technical collaboration are critical if we are to keep value within the continent,” Lokpobiri told the forum.
He unveiled plans for a West African Reference Market (WARM) to leverage Nigeria’s expanding refining capacity in supplying petroleum products across the subregion.
On the global transition debate, Lokpobiri stressed that Africa cannot afford to abandon its fossil resources prematurely: “The Paris Agreement is about emission reduction, not energy abandonment. Africa contributes only 3 per cent of global CO2. Our priority must be to responsibly harness our abundant resources to drive development.”
