KEY POINTS
- WAOGRAN names Nigeria Africa’s oil and gas investment hub.
- NUPRC reforms credited with boosting confidence in upstream operations.
- Transparent licensing round draws billions in potential investments.
Nigeria has been declared Africa’s new hub for oil and gas investment by the West Africa Oil and Gas Reporters Network (WAOGRAN).
The group credited the turnaround to regulatory reforms introduced by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) under its chief executive, Gbenga Komolafe.
NUPRC reforms boost investor confidence
In a statement issued Thursday in Accra, WAOGRAN said Nigeria had “restored global confidence” in its upstream sector and repositioned itself as a leading destination for foreign capital. The media body, which tracks industry developments across 16 West African nations, said its conclusion was based on months of monitoring, reporting, and engagement with industry stakeholders.
Dr. El-Hadji Mbow, WAOGRAN’s coordinator, said Nigeria was no longer seen as a risky market. “What has changed is the credibility of its regulatory framework,” he explained. “NUPRC has created an environment where companies can commit long-term capital with confidence. Nigeria is now the continent’s leading investment hub for global oil and gas.”
The group cited a rise in crude production to 1.71 million barrels per day in July 2025, up from 1.55 million barrels a year earlier. It also highlighted progress in gas utilization, with 1.372 trillion standard cubic feet harnessed in the first half of 2025. Gas flaring fell to below nine percent, its lowest level in more than a decade.
Transparent licensing round draws global interest
WAOGRAN praised Nigeria’s 2024 oil block licensing round as the most transparent in the country’s history. Broadcast live with public bid openings, the process drew global participation and unlocked billions of dollars in potential investments.
“For many years, licensing rounds raised suspicion,” WAOGRAN said. “This time the rules were clear, the process open, and the credibility visible. That transparency has changed investor perception worldwide.”
Nigeria, with over 209 trillion cubic feet of proven gas reserves, now holds Africa’s largest supply. WAOGRAN argued that reforms have created a framework for gas to drive Nigeria’s domestic transformation while also powering Africa’s wider energy transition. “Gas is Africa’s bridge to the future, and Nigeria is in the driver’s seat,” Mbow said.
Neighbouring countries such as Ghana, Senegal, and Côte d’Ivoire have begun referencing Nigeria’s licensing standards, a development WAOGRAN described as a “regional movement towards transparency and credibility.”
Still, challenges remain. Oil theft, pipeline vandalism, and weak infrastructure continue to undermine production. WAOGRAN urged Nigeria to institutionalize reforms to ensure they survive beyond current political leadership.
The group also insisted that revenues from new investments must benefit citizens through better jobs, healthcare, and education. According to The Nation Online, WAOGRAN commended President Bola Tinubu for backing the reforms, saying his administration has helped NUPRC reposition Nigeria as a trusted investment hub.
“Nigeria has gone from a market investors avoided to one they now compete to enter,” WAOGRAN noted. “That is the power of credible reform and decisive leadership.”
