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By Adewale Sanyaolu and Adanna Nnamani, Abuja
Nigeria is positioning itself for a fresh wave of upstream investment, with 22 major offshore oil and gas projects expected to attract between $30 billion and $50 billion in investments over the next five years, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed.
Commission Chief Executive, NUPRC, Mrs. Oritsemeyiwa Eyesan, stated this at the Society of Petroleum Engineers Nigeria Annual International Conference and Exhibition (NAICE 2026) in Lagos on Wednesday.
She said the projects, scheduled for execution between 2026 and 2030, are expected to significantly boost crude oil production, create thousands of jobs, expand critical infrastructure and reinforce the country’s energy security. Eyesan, added that, the investment pipeline reflects growing confidence in Nigeria’s upstream petroleum sector.
Represented by the Executive Commissioner, Development and Production, Mr. Enorense Amadasu, Eyesan revealed that the Commission had approved more than $57 billion worth of Field Development Plans (FDPs) since 2024, with several of the projects already progressing to Final Investment Decision (FID).
“Since 2024, the NUPRC has approved over $57 billion in Field Development Plans, some of which have translated into Final Investment Decisions.
Twenty-two major offshore projects are expected between 2026 and 2030 with an estimated investment potential of between $30 billion and $50 billion.
“Beyond increasing production, these investments will create jobs, expand infrastructure, strengthen energy security and reinforce Nigeria’s position as a leading global upstream investment destination,” she said.
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Eyesan said the Commission is also laying the foundation for sustained long-term growth by maintaining a robust exploration portfolio and opening up new investment opportunities.
According to her, successive licensing rounds conducted since 2022 have unlocked access to some of Nigeria’s most prospective oil and gas acreages, helping to restore investor confidence.
She cited the recently concluded 2025 Licensing Round, in which 31 companies emerged successful bidders for 37 oil and gas blocks following what she described as a transparent, technology-driven and data-led evaluation process.
With preparations already underway for the 2026 Licensing Round, Eyesan said Nigeria is demonstrating that regulatory certainty is becoming a defining feature of its upstream investment landscape.
“Investment certainty is no longer an aspiration; it is becoming an enduring feature of our regulatory framework,” she said.
The NUPRC boss acknowledged that inadequate infrastructure remains one of the biggest constraints to Africa’s energy development but said Nigeria is aggressively addressing the challenge.
She said the Commission is expanding gas gathering systems, processing facilities, pipelines and export infrastructure while promoting shared facilities, third-party access, open-access infrastructure and field tie-backs to reduce project costs, accelerate development timelines and unlock stranded hydrocarbon resources.
Eyesan added that improved collaboration among government agencies, security institutions, operators, host communities and private investors, supported by the Host Community Development Trust framework, has strengthened the protection of critical oil and gas infrastructure, making Nigeria’s upstream industry more resilient and attractive to investors.
