Nigeria expects to attract between $30 billion and $50 billion in offshore oil and gas investments by 2030 as it accelerates efforts to revive crude production and strengthen its position as Africa’s largest energy producer.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said at least 22 major offshore projects are expected to move into production between 2026 and 2030.
The projects are anticipated to boost oil and gas output, create jobs and enhance the country’s long-term energy security.
According to the regulator, Nigeria has approved more than $57 billion worth of Field Development Plans since 2024, with several of those projects already reaching Final Investment Decisions. The approvals are expected to unlock fresh exploration and production activity in deepwater fields that have seen renewed investor interest following recent policy reforms.
The investment drive forms part of the federal government’s broader strategy to raise crude oil production, improve gas output and attract international capital into the upstream sector after years of underinvestment and declining production.
NUPRC Chief Executive, Gbenga Komolafe, said regulatory reforms introduced under the Petroleum Industry Act have improved investor confidence by providing greater fiscal certainty, faster approvals and a more predictable operating environment. He added that the commission is working with operators to ensure projects move from approval to production within shorter timelines.
Nigeria has been seeking to reverse years of falling oil production caused by crude theft, pipeline vandalism and delayed investment decisions. Production has recovered steadily over the past year as security improved and operators resumed activity in several key assets.
The offshore projects are expected to play a central role in achieving the country’s long-term production targets, with deepwater developments offering larger reserves and lower exposure to security challenges than many onshore operations.
The renewed investment push also comes as global energy companies reassess their portfolios amid rising demand for natural gas and improving oil market fundamentals. Nigerian authorities believe recent reforms have positioned the country to compete more effectively for international capital despite growing competition from other oil-producing countries.
Industry analysts said securing up to $50 billion in new investment would significantly strengthen Nigeria’s upstream sector, increase government revenue and support broader economic growth. They noted, however, that sustaining investor confidence will depend on consistent implementation of reforms, improved security and continued regulatory stability.
Emmanuel Abara Benson is a business journalist and editor covering artificial intelligence, global markets, and emerging technology.
He has previously worked with Business Insider Africa and Nairametrics, reporting on finance, startups, and innovation.
His work focuses on AI, digital economy, and global tech trends.
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