Nigeria is ramping up efforts to attract both local and international investors as it prepares for a new oil licensing round, part of a wider strategy to boost exploration and raise crude production levels.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that the upcoming round will open access to new oil blocks while offering revised fiscal terms designed to make investment more attractive. The move comes as the country seeks to recover from years of underinvestment and declining output.
NUPRC Chief Executive, Gbenga Komolafe, said the new licensing round would be guided by transparency, competitiveness, and global best practices. He emphasized that the commission is leveraging digital platforms to provide investors with reliable geological data and faster approval timelines.
Nigeria’s crude production has struggled to meet its OPEC quota in recent years, averaging around 1.4 million barrels per day due to pipeline vandalism, theft, and infrastructure challenges. Officials believe that opening new fields and improving existing operations could help the country reach 2 million barrels per day in the medium term.
To attract capital, the government has adjusted its regulatory framework under the Petroleum Industry Act (PIA), offering more predictable terms and greater clarity on taxation and royalties. These reforms aim to reduce investor risk and promote long-term partnerships in both onshore and offshore projects.
Analysts say the success of the new licensing round will depend on policy consistency, security of oil-producing regions, and the speed at which awarded blocks are developed. Restoring investor confidence, they note, is key to ensuring sustained production growth and economic stability.
The NUPRC’s investor outreach, combined with government-backed energy transition plans, signals a bid to position Nigeria as a competitive and reliable oil investment destination in sub-Saharan Africa.