Africa is projected to attract between $48 billion and $50 billion in oil and gas sector investment in 2026, representing over 8 percent of the $520 billion in worldwide capital investment expected this year, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This marks a significant increase from previous years when Africa’s share remained below 4 percent.
Oritsemeyiwa Eyesan, NUPRC’s Commission Chief Executive, attributed the resurgence to renewed investor interest in both frontier and established basins across the continent, particularly in Nigeria, Namibia, Mozambique, and other prolific African plays. She made these remarks during the opening of the 10th Anniversary of the Sub-Saharan Africa International Petroleum Exhibition.
Eyesan urged global investors to capitalize on opportunities in Nigeria’s 2025 licensing round, emphasizing that recent reforms under the Petroleum Industry Act 2021 provide a predictable, transparent, and investor-friendly framework for upstream development. The licensing round offers 50 oil and gas blocks across various terrains, designed to unlock Nigeria’s upstream potential.
“To facilitate resource access, Nigeria has launched the 2025 licensing round, offering 50 oil and gas blocks across various terrains. This initiative reflects a targeted approach to responsible resource development. We invite capable investors to participate and help realize Nigeria’s promising upstream potential,” Eyesan stated.
The NUPRC chief emphasized the importance of domestic capital formation within Africa, noting that local capital brings stronger commitment and stability while creating more opportunities for development. She highlighted that African independent operators are already playing a growing role in Nigeria’s upstream space, driving project execution and capital deployment.
Eyesan celebrated the creation of the Africa Energy Bank, proudly hosted in Nigeria, as a milestone achievement, adding that unified support from stakeholders will be crucial to its success. She also highlighted the growing impact of regional cooperation, particularly in gas development, power infrastructure, and regulatory alignment.
“Beyond national efforts, regional cooperation is having a transformative effect,” she said, pointing to expanded gas and power infrastructure improving energy access, reliability, and affordability across Africa. Platforms such as the African Petroleum Regulators’ Forum (AFRIPERF) are strengthening Africa’s collective voice globally.
Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Ogbe, called for collaboration to drive oil and gas investment in Africa, stating, “We must collectively leverage the Brazzaville Accord to promote regulatory harmonization, sectoral cooperation, and an Afro-centric approach to local content development.”
Source: allafrica.com