Nigeria Leads Africa's $221bn Oil Investment Drive

Nigeria is at the forefront of Africa's $221 billion oil and gas investment initiative, projected to attract between $30 billion and $50 billion for 22 major offshore projects by 2030. This information was disclosed by Oritsemeyiwa Eyesan, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), during the Society of Petroleum Engineers’ annual conference in Lagos on August 5.

Since 2024, the NUPRC has approved over $57 billion in field development plans, leading to several final investment decisions. The report from Industrial Info Resources indicates that Africa's oil and gas investment outlook is driven by energy security concerns and geopolitical uncertainties, with a total investment outlook for the year at $41 billion and production expected to reach 11.4 million barrels per day.

Nigeria's crude production is reported to have increased to 1.71 million barrels per day between April 2025 and April 2026, with projections from the Nigerian National Petroleum Company Limited suggesting an additional 100,000 barrels per day by the end of 2026.