Nigeria Becomes Africa’s Oil Investor Magnet as NUPRC Reforms Restore Global Confidence

• Nigeria is now a choice destination for global oil and gas investment due to the sweeping changes in the sector
• According to the West Africa Oil and Gas Reporters Network (WOGRAN), Nigeria has restored global confidence in the upstream sector
• The group credited Nigeria’s rise to the credibility of its regulatory framework under NUPRC

Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.

Nigeria has become the new destination of choice for global oil and gas investors, thanks to sweeping reforms by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) under the leadership of Engr. Gbenga Komolafe.

The West Africa Oil and Gas Reporters Network (WAOGRAN), which tracks developments across 16 West African nations, says Nigeria has “restored global confidence” in its upstream sector and repositioned itself as the continent’s energy hub.

This marks a dramatic turnaround from years of uncertainty and opacity that once scared away investors.

What changed: Transparency and credibility

WAOGRAN credited Nigeria’s rise to the credibility of its regulatory framework. With NUPRC building a transparent and reliable environment, companies now have the confidence to commit long-term capital.

The group noted that Nigeria’s 2024 oil block licensing round set a new benchmark for transparency.

Conducted with live broadcasts and open bidding, the process attracted international participation and unlocked billions of dollars in prospective investments.

“For many years, licensing rounds were a source of suspicion,” WAOGRAN observed. “This time, the rules were clear, the process was open, and credibility was visible to all.”

Proof of progress: Production and gas gains

Key performance indicators reinforce this shift. Nigeria’s crude oil production has risen steadily, reaching 1.71 million barrels per day in July 2025, compared to 1.55 million a year earlier.

Gas utilisation also improved significantly, with 1.372 trillion standard cubic feet harnessed in the first half of the year, while gas flaring dropped to below 9%, the lowest level in over a decade.

With over 209 trillion cubic feet of proven gas reserves, Nigeria now holds Africa’s largest supply. WAOGRAN described gas as “Africa’s bridge to the future” and said Nigeria is “firmly in the driver’s seat” in shaping the continent’s energy transition.

Regional ripple effect

Nigeria’s reforms are already inspiring change beyond its borders. Ghana, Senegal, and Côte d’Ivoire have begun referencing Nigeria’s licensing and reporting standards, setting off what WAOGRAN called “a regional movement towards transparency and credibility.”

“When global investors see reforms in the largest market, it strengthens confidence across the sub-region,” said WAOGRAN coordinator, Dr. El-Hadji Mbow.

Challenges and the road ahead

Despite the progress, WAOGRAN warned that oil theft, vandalism, and weak infrastructure remain obstacles.

The group also highlighted the need to connect investor confidence with citizen welfare, insisting that revenues from oil and gas must translate into better jobs, healthcare, and education for Nigerians.

Leadership and vision

WAOGRAN commended President Bola Tinubu for giving NUPRC the decisive backing needed to deliver bold reforms.

“In our monitoring across West Africa, nowhere has the transformation been more visible than in Nigeria,” the network said in a statement to Legit.ng

“The country has gone from being a place investors avoided to one they now compete to enter. That is the power of credible reform and excellent leadership.”

Nigeria leads Africa to sign AFRIPERF Charter

Legit.ng earlier reported that Nigeria has once again taken the lead in Africa’s oil and gas sector by spearheading the signing of the African Petroleum Regulators Forum (AFRIPERF) Charter, a historic step toward harmonising petroleum regulations across the continent and attracting fresh investments.

The signing took place on Thursday, September 18, 2025, at the 31st edition of Africa Oil Week (AOW) in Accra, Ghana, under the leadership of Engr. Gbenga Komolafe, Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The ceremony was attended by petroleum regulators from 16 African countries, including Nigeria, Ghana, Somalia, Gambia, Madagascar, Sudan, Guinea, Togo, Kenya, Mauritania, Benin, Mozambique, Angola, Namibia, South Africa, and Morocco.

Source: Legit.ng