Nigeria’s Reform Drive Attracts $18.2bn Oil & Gas Investments in 9 Months as Federal Agencies Boost Revenues

Nigeria’s oil and gas reforms under the Petroleum Industry Act (PIA) attract $18.2bn investments in nine months, unlocking 1.4bn barrels of oil and 5.4TCF of gas. Federal agencies report higher revenues, strengthening hopes of funding the national budget without external borrowing.

Nigeria’s reform agenda is beginning to pay off, with federal agencies reporting significant improvements in revenue generation, particularly in the oil and gas sector, where fresh investment commitments of $18.2 billion have been recorded within just nine months.

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, disclosed this, noting that the inflow of capital was driven by the competitive reforms introduced in the sector under the Petroleum Industry Act (PIA) 2021.

According to Komolafe, these reforms have spurred the approval of 28 Field Development Plans (FDPs), unlocking investment opportunities that will add significantly to Nigeria’s energy output. Specifically, the commitments are expected to deliver:

1.4 billion barrels of oil

5.4 trillion cubic feet (TCF) of gas

591,000 additional barrels of oil per day (BOPD)

2.1 billion standard cubic feet of gas per day (BSCFD)

These additions are seen as pivotal to achieving the federal government’s aspiration of producing over 3 million barrels of crude oil per day, a target that has long been constrained by underinvestment and regulatory hurdles.

Komolafe emphasized that the PIA marked a turning point for Nigeria’s energy landscape, ushering in governance reforms, fiscal transparency, and institutional realignment. He highlighted that in less than four years, the NUPRC has introduced 24 transformative regulations, with 19 already gazetted, to operationalize the PIA and create a globally competitive upstream sector.

As part of this transformation, the Commission rolled out a Regulatory Action Plan (RAP) designed to eliminate bottlenecks, dismantle entry barriers for investors, and guarantee timely, transparent licensing rounds that will further deepen exploration and production activities.

Beyond oil and gas, other federal agencies have also reported stronger revenue streams under reform-driven strategies, giving rise to optimism that Nigeria could fund its national budget without resorting to external borrowing, a move that would ease pressure on the country’s debt profile.

With the oil and gas sector once again attracting global capital and the government aligning revenues with fiscal responsibility, industry analysts say the reform momentum has set Nigeria on a stronger path to energy security, economic sustainability, and investor confidence.