Nigeria Secures $18.2 Billion Following Approval of 28 New Field Development Plans

Nigeria has attracted a significant $18.2 billion in investment commitments in its upstream oil and gas sector, following the approval of 28 new Field Development Plans (FDPs) by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Speaking at the Africa Oil Week in Accra, Ghana, NUPRC Chief Executive Officer, Gbenga Komolafe, revealed that the newly approved FDPs are set to unlock approximately 1.4 billion barrels of oil and 5.4 trillion cubic feet (TCF) of gas. The developments are projected to boost daily production by 591,000 barrels of oil and 2.1 billion standard cubic feet of gas (BSCFD).

“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,” Komolafe said.

He added that the robust investment pipeline supports Nigeria’s broader target of surpassing 3 million barrels per day in crude oil production, aligning with President Bola Ahmed Tinubu’s “Renewed Hope” agenda aimed at revitalizing the energy sector and driving economic growth.

The NUPRC boss credited the country’s progress to the transformative framework introduced under the Petroleum Industry Act (PIA) of 2021, which restructured Nigeria’s petroleum regulatory environment and improved fiscal and governance structures. Since the enactment of the PIA, the Commission has introduced 24 regulatory frameworks 19 of which have been gazetted to operationalize the Act.

In line with its commitment to reform, the NUPRC has also launched a Regulatory Action Plan (RAP) designed to eliminate industry bottlenecks, streamline licensing procedures, and lower barriers for market entry. Komolafe emphasized that these steps aim to create a transparent and investor-friendly landscape.

The efforts appear to be yielding tangible results. Nigeria’s rig count, a key indicator of upstream activity has surged from just eight in 2021 to 43 as of September 2025.

Komolafe concluded by reiterating the strategic role of energy security in driving Africa’s economic resilience and long-term prosperity, stating, “Our focus remains on sustainable growth, energy security, and positioning Nigeria as a global player in the upstream sector.”