Yemisi Izuora
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has urged global investors to capitalise on opportunities in Nigeria’s 2025 licensing round, emphasising that recent reforms under the Petroleum Industry Act 2021 provide a predictable, transparent, and investor-friendly framework for upstream development.
The Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, made this known on Tuesday, February 10, 2026, in her address at the opening of the 10th Anniversary of the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) 2026 in Lagos.
According to Eyesan, the licensing round is designed to unlock Nigeria’s upstream potential under a more predictable and investor-friendly regulatory framework established by the Petroleum Industry Act (PIA) 2021.
The NUPRC boss added that Nigeria is leveraging the momentum of renewed global interest in Africa’s hydrocarbons to attract credible investors into its upstream sector.
“To facilitate resource access, Nigeria has launched the 2025 licensing round, offering 50 oil and gas blocks across various terrains.
“This initiative reflects a targeted approach to responsible resource development. We invite capable investors to participate and help realise Nigeria’s promising upstream potential,” Eyesan stated.
She noted that Africa’s energy investment outlook has significantly improved over the past three years, with the continent now capturing a larger slice of global capital expenditure.
“Of the $520 billion projected in worldwide capital investment this year, Africa expects to attract between $48 billion and $50 billion. over 8% of the total. This is a significant increase from previous years when it was below 4%.”
The NUPRC boss attributed the resurgence to renewed investor interest in frontier and established basins, particularly in Nigeria, Namibia, Mozambique and other prolific African plays.
Beyond foreign investment, Eyesan stressed the importance of domestic and regional capital formation as a stabilising force for Africa’s energy future.
“As we work to draw in more external investment, encouraging capital formation within Africa remains essential. Domestic capital brings stronger commitment and stability, creating more opportunities for development,” the CCE said.
Eyesan noted that African independent operators are already playing a growing role in Nigeria’s upstream space, driving project execution and capital deployment.
A major milestone in strengthening indigenous financing, according to Eyesan, is the establishment of the Africa Energy Bank, which is headquartered in Nigeria.
“The creation of the Africa Energy Bank, proudly hosted in Nigeria, is a milestone,” she said, adding, “Unified support from stakeholders will be crucial to its success.”
The NUPRC boss also highlighted the growing impact of regional cooperation, particularly in gas development, power infrastructure and regulatory alignment.
“Beyond national efforts, regional cooperation is having a transformative effect,” she said, pointing to expanded gas and power infrastructure that is improving energy access, reliability and affordability across Africa.
She added that platforms such as the African Petroleum Regulators’ Forum (AFRIPERF) are strengthening Africa’s collective voice globally.