The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has said Africa must attract over $600 billion annually in upstream oil and gas investments to meet its rapidly growing energy needs.
Komolafe made this assertion during his speech at the 2025 Africa Energies Summit held in London. A copy of the address was obtained by our correspondent on Thursday.
Highlighting Nigeria’s strategic position, Komolafe said the country is fully prepared to capture a significant portion of the required capital inflows to power Africa’s sustainable development.
Quoting a 2023 report by the International Energy Forum, Komolafe explained that Africa’s energy demand is projected to rise by 30% by 2040 due to factors like population growth, industrialisation, and the push for universal access to energy.
“To meet this demand sustainably, Africa must mobilise more than $600 billion each year in upstream investments through 2030,” he said. “This level of investment is not optional; it is critical for the continent’s developmental and energy transition goals.”
Komolafe stressed that while the global drive for decarbonisation continues, hydrocarbons will remain an integral part of the global energy mix. He cited BP’s 2024 Energy Outlook, which projects that fossil fuels will still account for over 50% of the world’s energy supply by 2050.
“As the world transitions to low-carbon energy, Africa cannot be left behind. Our path to net zero must be just, inclusive, and tailored to the continent’s unique realities. Nigeria understands this and is charting a pragmatic, forward-looking course,” he stated.
He also showcased Nigeria’s recent upstream initiatives, including the 2022 and 2024 licensing rounds and the award of 57 Petroleum Prospecting Licences (PPLs), which he said were marked by high transparency, competitiveness, and investor confidence.
“These efforts have repositioned Nigeria as a top-tier destination for oil and gas investment,” he said. “We have witnessed a remarkable increase in investor activity, with rig counts rising from eight in 2021 to 36 today, and projections to hit 50 by year-end.”
According to Komolafe, these developments signal renewed momentum in Nigeria’s oil and gas sector. He pointed to the country’s vast hydrocarbon potential—37.28 billion barrels of crude oil and 210.54 trillion cubic feet of natural gas, the largest in Africa—as evidence of the country’s readiness to lead the continent’s energy renaissance.
“Our sector is undergoing a bold transformation powered by resilience, ambition, and opportunity,” he added. “Nigeria is ready to be at the heart of Africa’s energy future.”
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