By Atoyebi Nike
Nigeria’s upstream oil and gas sector has attracted over $16 billion in new investments, thanks to reforms under the Petroleum Industry Act (PIA) and fiscal incentives introduced through President Tinubu’s 2024 Executive Orders, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Speaking at the 24th NOG Energy Week in Abuja, NUPRC Chief Executive Engr. Gbenga Komolafe said the PIA has provided the legal foundation, while Tinubu’s orders have enhanced investor appeal by offering competitive incentives, strengthening local content, and reducing project costs.
Komolafe noted that initiatives like Project One Million Barrels—which targets 2.5 million barrels/day by 2026—and digitized licensing systems reflect Nigeria’s renewed push for energy growth and transparency.
He also reaffirmed the government’s climate commitment, with plans to end routine gas flaring by 2030, cut methane emissions by 60% by 2031, and institutionalize March 18 as Nigeria’s Upstream Decarbonization Day.
Komolafe warned that strict enforcement of the Gas Flare Commercialization Programme is ongoing, with sanctions already applied to some violators.
With these reforms, Nigeria is positioning its upstream oil industry for increased output, cleaner practices, and long-term investor confidence.
