The Federal Government has called for sustained investment in Nigeria’s oil and gas industry, identifying policy stability, regulatory certainty, security and faster project execution as critical to keeping the sector competitive amid the global energy transition.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, made the call on Thursday at the 2026 Annual Conference of the Association of Energy Correspondents, Abuja (AECAF), themed, “Sustaining Oil and Gas Investment in Nigeria Amid Energy Transition.”
Ekpo, who was represented by his Senior Technical Adviser, Abel Nsa, said the ongoing reforms of the President Bola Tinubu administration were aimed at providing policy clarity, strengthening regulatory institutions and creating a more competitive investment environment in line with the Petroleum Industry Act (PIA) 2021.
The minister, in an address titled, “Unlocking Gas Investment for Domestic Growth and Energy Security,” said the government remained committed to building an investment-friendly petroleum industry capable of delivering tangible benefits to Nigerians.
He said Nigeria’s challenge was no longer simply to produce hydrocarbons but to ensure that its vast oil and gas resources supported industrialisation, job creation, infrastructure development and improved living standards.
“This requires a sustained commitment to policy stability, regulatory certainty, fiscal competitiveness, security and efficient project delivery,” Ekpo said.
On its part, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed that field development approvals issued since 2024 had exceeded $57 billion, underscoring the scale of investment opportunities in the upstream sector.
The Director, Surface Development, Development and Production Department of NUPRC, Engr. Joseph Ogunsola, who represented the Commission’s Chief Executive, Mrs. Oritsemeyiwa Eyesan, at the event, said the regulator would maintain certainty throughout the project life cycle.
He said NUPRC’s mandate under the PIA was to facilitate investment while enforcing technical, environmental and operational standards, stressing that investors required clear requirements and timely decisions from development planning through production and eventual closure.
“Our regulatory objective is to shorten the path to safe, economic production while preserving the scrutiny that protects investment, the environment and national value,” Ogunsola said.
The approvals, valued at more than $57 billion as of August 2026, come against Nigeria’s substantial hydrocarbon reserves. The country had 37.01 billion barrels of proved and probable oil and condensate reserves and 215.19 trillion cubic feet of gas as of January 1, 2026, according to the NUPRC official.
Ogunsola, however, said reserves alone would not guarantee sustained investment, noting that projects must remain cost-competitive, deliver reliable production and meet growing environmental expectations.
He also cited the Upstream Petroleum Decarbonisation Template, the 2023 Gas Flaring, Venting and Methane Emissions Regulations and the 2026 Decommissioning and Abandonment Regulations as part of measures to manage energy-transition risks.
The decommissioning regulations, he said, require operators to plan and fund asset closure ahead of the end of their productive lives.
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On gas investment, Ogunsola said NUPRC was supporting projects designed to connect upstream supply to domestic and export markets. Such projects, he noted, require adequate transport capacity, credible buyers and reliable payment.
“Transport capacity, credible buyers and reliable payment” remain critical to unlocking Nigeria’s gas potential, he said.
The NUPRC official said the regulator’s focus was now shifting from approvals to ensuring that the value represented by approved projects was realised through financing, execution and sustained production.
“For Nigeria, sustained investment must mean reliable energy supply, public revenue, benefits that endure in host communities and protects the environment,” he said.
Victor Ezeja is a Nigerian journalist skilled in producing insightful news analyses, feature stories, and interviews that simplify complex issues and drive informed public discourse. His work combines rigorous research, balanced reporting, and compelling storytelling to highlight developments shaping industries and society. Victor, who holds a Master's Degree in Mass Communication, specializes in energy, aviation, business, and economic reporting. He can be reached via @VICTOREZEJA on X