Nigeria is targeting as much as $50 billion in offshore oil and gas investment by 2030, banking on regulatory reforms, new licensing rounds and improved operating conditions to strengthen its position as Africa’s largest crude oil producer.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said at least 22 offshore projects are expected to begin production before the end of the decade, creating one of the country’s largest upstream investment pipelines in years. The projects are expected to expand production capacity, unlock new reserves and reinforce Nigeria’s appeal to international energy companies.

Reforms boost investor confidence

The regulator said policy reforms, enhanced security in oil-producing regions, streamlined approvals and infrastructure improvements have significantly improved the investment climate.

NUPRC Chief Executive Oritsemeyiwa Eyesan said the commission has approved more than $57 billion in field development plans since 2024, providing a foundation for multiple projects to advance toward final investment decisions.

The approvals reflect growing confidence among upstream operators following the implementation of the Petroleum Industry Act and continued efforts to improve regulatory certainty for investors.

Nigeria pushes for higher oil output

The planned offshore developments form part of Nigeria’s broader strategy to increase crude oil production to 3 million barrels per day by 2030, while expanding natural gas production to support domestic energy demand and exports.

To accelerate exploration, the regulator awarded 37 oil and gas blocks to 31 companies during the 2025 licensing round. Preparations are already underway for another licensing exercise in 2026 as the government seeks to sustain investor interest.

Strategic role in Africa’s energy future

Established in 2021 under the Petroleum Industry Act, the Nigerian Upstream Petroleum Regulatory Commission oversees the technical and commercial regulation of Nigeria’s upstream petroleum sector.

The agency continues to drive reforms designed to attract long-term capital, improve operational efficiency and support the country’s ambition to remain a leading supplier of crude oil and natural gas.

With billions of dollars in planned offshore investment and a growing portfolio of new projects, Nigeria is positioning its energy sector for sustained growth while strengthening its competitiveness in the global oil and gas market.