Nigeria Reaffirmed as Africa’s Premier Oil Investment Destination, Says NUPRC Chief

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has reiterated Nigeria’s position as the most attractive investment destination in Africa’s oil and gas sector, citing the country’s more than 37 billion barrels of proven crude oil reserves and its status as the continent’s largest producer.

Speaking during a courtesy visit by executives of Italian firm Ludoil Energy to the NUPRC headquarters on Thursday, 20 November 2025, Komolafe highlighted Nigeria’s strategic geographic advantage, including an 853-kilometre coastline that enables faster crude delivery to European markets than supplies from the United States.

The NUPRC boss urged international investors to seize current opportunities, assuring them of a transparent and efficient 2025 licensing round fully compliant with the Petroleum Industry Act (PIA) 2021. The bidding portal is scheduled to open on the Commission’s website on 1 December 2025, with the process structured in two phases: an initial technical evaluation followed by a commercial stage for successful bidders.

“The entire exercise will be fully digitised, ensuring immediate notification of results and eliminating bureaucratic delays,” Komolafe stated, emphasising that the process will be fair, non-discriminatory, and open to all qualified participants.

He credited the PIA with restoring investor confidence by establishing a stable and predictable regulatory framework, describing the present moment as ideal for new investments in Nigeria’s upstream sector.

Paolo Fedeli, Group Chief Technical Officer of Ludoil Energy SPA, confirmed the company’s strong interest in the forthcoming licensing round as part of its African expansion strategy. Currently operating in the Republic of Congo, Ludoil views Nigeria – Africa’s top oil producer – as its primary target for growth on the continent.

The 2025 licensing round is widely seen as a key test of Nigeria’s ongoing efforts to attract fresh capital and boost production under the reformed regulatory regime introduced by the PIA.