Africa must secure over $600 billion in annual investments to meet its growing energy demand, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This was revealed by the agency’s Chief Executive, Gbenga Komolafe, during his remarks at the 2025 Africa Energies Summit in London.
Komolafe emphasized that Nigeria, with its vast oil and gas reserves, is strategically positioned to attract a significant portion of the capital required to support the continent’s energy transition and development. He highlighted the country’s recent policy reforms and transparent licensing rounds as key drivers of investor interest.
Citing a 2023 report by the International Energy Forum, Komolafe stated that Africa’s energy consumption is projected to increase by 30% by 2040, driven by population growth, urbanization, and the push for universal energy access. To meet this rising demand, he said, the continent must consistently mobilize over $600 billion in upstream investments annually through 2030.
“While the global conversation continues to shift toward clean energy, hydrocarbons will remain essential for meeting the world’s energy needs in the coming decades,” Komolafe said. He referred to the BP Energy Outlook 2024, which projects that fossil fuels will still contribute more than half of global energy supply by 2050.
Komolafe noted that Nigeria is taking a balanced approach—advancing energy access while remaining committed to climate goals. He outlined how recent oil licensing rounds in 2022 and 2024 have significantly reshaped the industry, adding that over 57 Petroleum Prospecting Licences were awarded with strong investor participation.
He attributed much of the progress to the implementation of the Petroleum Industry Act (PIA) 2021, which introduced regulatory clarity and improved data access across Nigeria’s oil and gas sector.
As a result, oil and gas activity in Nigeria has seen a sharp rise. “Our rig count has increased from eight in 2021 to 36 today, and we’re targeting 50 rigs by the end of the year,” Komolafe stated. He also highlighted Nigeria’s proven reserves—over 210 trillion cubic feet of natural gas and more than 37 billion barrels of crude oil—as a foundation for long-term growth.
To boost future production and exploration, he said the commission has launched a large-scale data acquisition project covering over 11,000 square kilometers of 3D seismic data as part of its broader 56,000 sq km Awalé Project.
Nigeria’s national production goal is set at 3 million barrels per day, and Komolafe concluded by stressing that achieving this target requires sustained investment in both mature and emerging oil basins.
