With Bold Reforms, Komolafe Woos Investors At Africa Energy Forum
At the 2025 Africa Energies Summit held in London, Nigeria took centre stage in what many now regard as a defining moment for the continent’s energy future. In a compelling address that blended realism with ambition, Engr. Gbenga Komolafe, Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), unveiled a sweeping vision to transform Nigeria—and by extension, Africa—into a powerhouse of sustainable energy growth.
With delegates drawn from global oil majors, financiers, policy architects, and development stakeholders, the summit was more than a meeting of minds; it was a reckoning. As the world accelerates toward a low-carbon future, Africa’s energy destiny is caught between urgent climate imperatives and the inescapable need to industrialise, expand access, and eradicate energy poverty. It was in this tense duality that Nigeria delivered its message: the continent must be allowed to transition on its own terms, justly, inclusively, and strategically.
Komolafe’s message was clear, timely, and underscored by facts. Global projections, such as BP’s Energy Outlook 2024, revealed that hydrocarbons will still account for more than half of the world’s energy needs by 2050. In parallel, Africa’s demand is forecast to rise by 30 per cent by 2040, driven by its expanding population and developmental aspirations.
While some voices continue to call for rapid fossil fuel divestment, the Nigerian position, articulated with nuance and authority, is that hydrocarbons remain essential to financing the continent’s future.
Echoing sentiments from leaders like António Guterres, John Kerry, and Fatih Birol, Komolafe insisted that energy security and economic growth need not be sacrificed at the altar of climate ambition. “The climate emergency is a race we are losing but it is a race we can win,” he quoted the UN Secretary-General, pointing out that winning will depend on access to capital, opportunity, and reliable, affordable energy.
Nigeria, he declared, is ready.
Against the backdrop of global uncertainty and volatile oil prices, Nigeria has been steadily laying the groundwork for a modern, investor-focused upstream sector. With transparency and competitiveness at the heart of recent licensing rounds including the landmark 2022 PPL Awards, the 2022 Mini-Bid Round, and the widely watched 2024 Licensing Round, Nigeria has reemerged as a compelling investment destination. These rounds, Komolafe noted, were conducted under the principles of regulatory certainty enshrined in the Petroleum Industry Act (PIA), supported by world-class geological data, and designed to maximize investor value.
But beyond policy announcements and investment windows, it is the data revolution in Nigeria’s upstream oil and gas sector that has truly recalibrated investor sentiment. Through a strategic partnership with TGS-PetroData and other multiclient data providers, the NUPRC has initiated one of the most comprehensive subsurface data campaigns in Africa’s history.
Over 11,000 square kilometres of 3D seismic data have been acquired, as part of the expansive 56,000 square kilometre Awalé Project. This seismic renaissance, coupled with a modernised National Data Repository housing more than 10,000 well records, has brought unmatched clarity to Nigeria’s basins and dramatically de-risked exploration.
This technical renaissance has been matched by deep institutional reforms. Under the leadership of President Bola Ahmed Tinubu, Nigeria has restructured entry fees, streamlined contracting timelines, and recalibrated fiscal regimes to ensure competitiveness and commercial viability. The result is a regulatory architecture designed not just for efficiency, but for investor confidence.
The numbers tell their own story. Since 2021, rig count has climbed from a modest eight to thirty-six, with projections to reach fifty by the end of 2025. Crude oil production, once mired in constraints, has rebounded to 1.78 million barrels per day, up from 1.46 million last October. This growth is no accident. It is the fruit of Project 1 Million Barrels Per Day (1MMBOPD), an ambitious initiative launched by the NUPRC to revitalize dormant fields, rejuvenate brownfields, and optimize Nigeria’s full production capacity.
Beyond boosting output, the initiative is unlocking far-reaching opportunities across the oil and gas value chain—from engineering and rig operations to processing infrastructure and gas monetization. The infrastructure deficit in pipelines, terminals, and modular processing units is now seen as a golden opportunity for strategic partnerships. Nigeria, Komolafe insisted, welcomes not just investment, but innovation blended finance models, risk-sharing mechanisms, and forward-thinking technologies to enhance recovery, reduce flaring, and lower costs.
Yet the NUPRC chief was also candid about the challenges ahead. Despite the momentum, Nigeria’s current production remains well below its potential. To close the gap, the country is fast-tracking field development approvals, introducing digital rig utilization tools, and championing pipeline security as a national imperative.
Equally critical are the Presidential Executive Orders 40, 41, and 42, which aim to slash contracting cycles, enhance local content implementation, and offer tax reliefs—all to unlock cost-efficient, sustainable production.
But it is in natural gas that Nigeria sees its greatest long-term opportunity. With proven reserves of 210.54 Tcf and an upside potential of over 600 Tcf, Nigeria’s gas riches are not just vast—they are strategic. Through initiatives like the Decade of Gas, the Presidential CNG Initiative, and the Nigerian Gas Flare Commercialisation Programme, the country is building an integrated, transparent, and investor-friendly gas market to power industries, export markets, and the clean energy transition.
As Komolafe explained, Nigeria is not acting in isolation. Recognising the pan-African nature of its challenges, Nigeria is leading a regional push for harmonization and collaboration through the African Petroleum Regulatory Forum (AFRIPERF). From infrastructure integration to cross-border regulation, the forum aims to provide a unified African voice in the global energy arena. Complementing this effort is Nigeria’s active support for the Africa Energy Bank—a critical financing vehicle to fund upstream projects and the energy transition across the continent.
Komolafe closed his speech with a resounding call to action. Nigeria, he affirmed, is not waiting on the sidelines of history. It is positioning itself as the heartbeat of Africa’s energy revolution. With bold reforms, a wealth of resources, and a resolute commitment to investor success, the country is ready to lead.
“Our message is simple,” he said. “Nigeria is not only rich in natural resources; it offers a strategic landscape of high-yield opportunities for forward-looking investors. With bold reforms, transparent regulation, and a renewed commitment to excellence, we have built the foundation. Now, we invite you to walk with us to shape the next phase.”
As the summit drew to a close, the mood among investors was unmistakable. Nigeria had not just made a pitch. It had delivered a promise. And the world was watching.
ENDS
With Bold Reforms, Komolafe Woos Investors At Africa Energy Forum is first published on The Whistler Newspaper
