Nigeria’s upstream oil and gas sector is staging a strong comeback, attracting over $24 billion in new investments—an indication of growing investor confidence in the nation’s energy space. This was revealed by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Engr. Bashir Bayo Ojulari, during the 2026 Oloibiri Lecture & Energy Forum held in Port Harcourt.
Ojulari linked the surge in capital inflows to targeted regulatory reforms driven by the Nigerian Upstream Petroleum Regulatory Commission. He explained that these measures have tackled persistent issues such as legacy asset disputes and delays in Final Investment Decisions (FIDs), which had previously slowed industry growth and deterred foreign investors.
On the sidelines of the event, he noted that the reforms have helped revive previously stalled projects and reposition Nigeria as a more attractive destination for upstream investment across Africa. According to him, the progress reflects clearer policies, stronger governance structures, and consistent collaboration with stakeholders in the industry.
The forum, themed “Beyond Three Million Barrels Target: Harmonizing Digitalization, Capital and Policy Frameworks for Intelligent Operations and Asset Optimisation,” drew major players from both local and international energy sectors. Participants included petroleum ministers, heads of regulatory agencies, leaders of national oil companies, and executives from multinational and indigenous firms.
Discussions at the event underscored the importance of digital innovation and data-driven strategies in improving efficiency and maximizing asset value throughout the industry. Stakeholders also emphasized the need for stable and consistent policies to sustain the current wave of investments and secure long-term growth.
Industry analysts point out that the $24 billion inflow comes at a crucial time, as Nigeria works to increase production and boost revenue while navigating global energy transition challenges. With ongoing reforms and a stronger focus on transparency and efficiency, the country is positioning itself to meet—and possibly surpass—its production goals.
The Oloibiri Lecture & Energy Forum remains a key platform for shaping energy policy in Nigeria, fostering dialogue, innovation, and strategic direction. As insights from the 2026 gathering continue to influence the sector, there is growing optimism that the renewed investment drive will translate into increased production and wider economic gains for the country.
