By 𝔸bdulrazak Tomiwa

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has successfully attracted over $24 billion in capital investments into Nigeria’s oil and gas sector. 

This significant financial influx is attributed to strategic regulatory interventions designed to revitalize the industry.

The news was disclosed by the Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, during the 2026 Society of Petroleum Engineers Oloibiri Lecture Series and Energy Forum in Abuja. He emphasized that these funds represent a major vote of confidence in the sector.

Key interventions by the NUPRC included the resolution of long-standing disputes over legacy assets and the clearing of bottlenecks that had previously stalled Final Investment Decisions. These actions provided the legal and operational clarity needed to move major projects forward.

Industry leaders expressed optimism that Nigeria can achieve a production target of 3 million barrels of oil per day and 12 billion cubic feet of gas daily by 2030. They noted that the country’s vast resources are finally being matched by effective regulatory oversight.

The forum highlighted that Nigeria holds over 37 billion barrels of crude oil and 200 trillion cubic feet of natural gas reserves. However, stakeholders stressed that these endowments only create value when supported by stable policies and modern technology.

Digitalization was a central theme of the discussions, with experts calling for the implementation of “digital oilfields” to optimize asset performance. They argued that harmonizing technology with capital is essential for Nigeria to remain competitive in the global energy market.

Regulators from the NUPRC, NNPC, and NMDPRA concluded that the future of the upstream sector depends on intelligent regulation and secure funding. They pledged continued cooperation to ensure that the current investment momentum leads to sustainable economic growth.