Nigeria’s upstream oil and gas sector has attracted about $24 billion in capital investment following regulatory interventions by the Nigerian Upstream Petroleum Regulatory Commission.
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bashir Ojulari, disclosed this at an industry forum in Abuja, attributing the inflow to efforts aimed at resolving legacy disputes and unlocking stalled investment decisions.
Represented at the event by a senior executive, Ojulari said the commission’s actions have helped restore investor confidence and reposition the sector for growth.
He noted that achieving Nigeria’s target of three million barrels per day will depend on the availability of capital, clear policies, effective regulation and access to accurate data.
According to him, the country has the resources and institutional framework needed to compete globally, expressing confidence that production targets are achievable with sustained commitment.
Industry stakeholders at the forum also stressed the need for stronger collaboration between regulators, operators and investors to drive output growth and improve efficiency.
The Chief Executive of the regulatory commission, Oritsemeyiwa Eyesan, said Nigeria must go beyond drilling by adopting policies that encourage innovation, digital operations and sustainable value creation.
She acknowledged that despite vast oil and gas reserves, the sector previously struggled with low investment and stalled projects, but noted that recent reforms are reversing the trend.
Stakeholders also emphasised the importance of technology, funding and consistent regulatory frameworks in achieving both crude oil and gas production targets, positioning Nigeria as a key energy supplier in global and regional markets.
