Nigeria Aims to Unlock Up to $50B in Offshore Oil and Gas Investment
August 6, 2026
Nigeria's upstream oil regulator expects at least 22 offshore projects to start production by 2030, with potential investment of up to $50 billion, as Africa's top oil producer pushes to boost oil and gas output and attract new capital.
The NUPRC said reforms, licensing rounds, infrastructure upgrades and improved security were helping to attract investment and improve the operating environment.
NUPRC chief Oritsemeyiwa Eyesan said the regulator has cleared more than $57 billion in field development plans since 2024, paving the way for several projects to move to final investment decisions.
NUPRC said the planned investments are expected to raise oil and gas production, expand infrastructure and bolster Nigeria's attractiveness to upstream investors.
Eyesan said Nigeria had opened new oil and gas acreage through licensing rounds, awarding 37 blocks to 31 companies in the 2025 round. Plans for the 2026 round are being finalised.
Nigeria aims to nearly double oil production to 3 million barrels per day by 2030.
(Reuters - Reporting by Camilus EbohWriting by Elisha Bala-Gbogbo, Editing by David Goodman)
