By Muhammed Abubakar, Reporting
NIGERIA is leveraging renewed global interest in Africa’s hydrocarbon resources to attract credible investors into its upstream petroleum sector, the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, has said.
Eyesan disclosed this on Tuesday, 10 February 2026, while delivering her address at the opening ceremony of the 10th anniversary of the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) 2026 in Lagos.
She urged global investors to seize opportunities presented by Nigeria’s 2025 oil and gas licensing round, stressing that far-reaching reforms introduced under the Petroleum Industry Act (PIA) 2021 have created a predictable, transparent and investor-friendly regulatory environment for upstream development.
According to her, the licensing round is structured to unlock Nigeria’s vast upstream potential under the stable framework established by the PIA.
“To facilitate access to resources, Nigeria has launched the 2025 licensing round, offering 50 oil and gas blocks across various terrains,” Eyesan said.
“This initiative reflects a targeted approach to responsible resource development. We invite capable investors to participate and help realise Nigeria’s promising upstream potential.”
She noted that Africa’s energy investment outlook has improved significantly in the past three years, with the continent now attracting a larger share of global capital expenditure.
“Of the projected $520 billion in global capital investment this year, Africa is expected to attract between $48 billion and $50 billion—over eight per cent of the total. This marks a significant increase from previous years when Africa’s share was below four per cent,” she said.
Eyesan attributed the resurgence to renewed investor confidence in both frontier and established basins, particularly in Nigeria, Namibia, Mozambique and other prolific African plays.
Beyond foreign inflows, she emphasised the importance of domestic and regional capital formation as a stabilising force for Africa’s energy future.
“As we work to attract more external investment, encouraging capital formation within Africa remains essential. Domestic capital brings stronger commitment and stability, while creating more opportunities for sustainable development,” the NUPRC boss said.
She added that African independent operators are increasingly playing a vital role in Nigeria’s upstream sector, driving project execution and capital deployment.
Highlighting a major milestone in strengthening indigenous financing, Eyesan pointed to the establishment of the Africa Energy Bank, headquartered in Nigeria.
“The creation of the Africa Energy Bank, proudly hosted in Nigeria, is a landmark achievement,” she said, noting that “unified support from all stakeholders will be critical to its success.”
The Commission Chief Executive also underscored the growing impact of regional cooperation, particularly in gas development, power infrastructure and regulatory alignment.
“Beyond national efforts, regional cooperation is having a transformative effect,” she said, adding that expanded gas and power infrastructure is improving energy access, reliability and affordability across the continent.
She further noted that platforms such as the African Petroleum Regulators’ Forum (AFRIPERF) are strengthening Africa’s collective voice and influence in the global energy sector.
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