ABUJA, April 10 – Nigeria has attracted over $10 billion in new upstream oil and gas investments following recent regulatory reforms, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Speaking at the 2026 Oloibiri Lecture Series and Energy Forum in Abuja, the commission said the reforms, developed in collaboration with industry stakeholders, have improved clarity in regulation, reduced approval delays, and created a more predictable operating environment for investors.
The commission noted that 19 regulations have already been gazetted, with an additional five in progress. These measures, anchored on the Petroleum Industry Act signed in 2021, are designed to strengthen governance, improve fiscal terms, and streamline licensing processes across the upstream sector.
According to the regulator, the clearer framework has supported major Final Investment Decisions on key projects, including Bonga North, Ubeta, and the HI development with these projects collectively accounting for the bulk of the new capital inflows into the sector.
In addition to attracting investment, recent policy changes have coincided with a rebound in oil production. Nigeria’s crude output rose to 1.84 million barrels per day, representing a 40.5% increase from 1.31 million bpd recorded in February. This marks a recovery from earlier volatility, after production stood at 1.459 million bpd in January before declining.
The regulator said further measures are being introduced to sustain momentum, improve operational efficiency, and strengthen investor confidence in the sector.
