Nigeria’s efforts to reform its oil and gas industry are paying off, with the government approving 28 major projects this year alone that are expected to bring in over $18 billion in new investments. This was announced by Engr. Gbenga Komolafe, the head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), at a recent industry conference in Ghana.
The approvals, known as Field Development Plans (FDPs), are a significant win for Africa’s largest oil producer’s economy. The new projects are expected to boost Nigeria’s oil reserves by 1.4 billion barrels and gas reserves by 5.4 trillion cubic feet; adding an extra 591,000 barrels of oil and 2.1 billion standard cubic feet of gas to the west Africa nation’s daily production.
“These FDPs, with $18.2 billion in CAPEX commitments, underscore Nigeria’s transformation into one of the most dynamic and attractive upstream investment frontiers in the world.” The regulatory boss noted.
Komolafe credited these achievements to the vision of President Bola Tinubu and the new laws under the Petroleum Industry Act (PIA) of 2021. He explained that these reforms have made it easier and more attractive for companies to invest in Nigeria’s oil and gas sector. As a result, the number of active oil rigs in the country has jumped from just 8 in 2021 to 43 today, a clear sign of renewed confidence from investors.
“In 2025 alone, the Commission has approved 28 new Field Development Plans, unlocking 1.4 billion barrels of oil and 5.4 TCF of gas, adding an expected 591,000 barrels of oil per day and 2.1 BSCFD of gas.” He said.
Some of the major projects already approved include the $5 billion Bonga North deep offshore development and the $500 million Ubeta Gas Project. Komolafe also highlighted that the government has approved five major company takeovers worth over $5 billion, which gives more opportunities to Nigerian-owned companies to grow and take part in the industry.
The NUPRC boss stated that these developments confirm Nigeria is becoming a top destination for investment, built on a foundation of transparency and competition.
