The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has presented Nigeria’s upstream oil and gas sector as Africa’s next investment frontier, backed by sweeping reforms aimed at lowering entry barriers, enhancing regulatory efficiency and attracting sustainable foreign direct investment (FDI), particularly from China.

Delivering a presentation at the Nigeria-China Sustainable Business Bilateral, Trade and Investment Summit, Chief Executive of the NUPRC, Gbenga Komolafe, said recent presidential interventions and the implementation of the Petroleum Industry Act (PIA) have reshaped Nigeria’s energy investment climate, unlocking over $16 billion in opportunities since 2020.

“These reforms are strategic and intentional, they are designed to build investor confidence, strengthen regulatory transparency, and enable Nigeria to offer one of the most competitive upstream environments in Africa,” he said.

He explained that the introduction of key executive orders, specifically executive orders 40, 41 and 42, have led to faster contract cycles (reduced from 36 to six months), streamlined licensing process and attractive fiscal incentives that now place Nigeria ahead of many peers in terms of cost-efficiency and investors’ responsiveness.

“With these orders, we have dismantled legacy bottlenecks and empowered investors with clarity, certainty and confidence. This is the signal to Chinese partners. Nigeria is ready,” he said.

The Commission is promoting investment across multiple oil and gas segments, including deep offshore, frontier basins, gas commercialisation, energy infrastructure and low-carbon technologies, he said.

According to Komolafe, Nigeria’s oil reserves currently stand at over 38 billion barrels, with 210 trillion cubic feet (TCF) of proven gas reserves – the largest on the continent.

While Nigeria currently produces about 1.5 million barrels of oil per day (bpd) and seven billion standard cubic feet (scf) of gas, Komolafe said the country is targeting three million bpd and 12 billion scf/day within the next few years.

Achieving this, he stressed, would depend on securing capital-intensive investments, particularly from strategic partners like China.

“Our investment ambitions are not speculative. They are backed by data, regulation, and presidential backing. We are leveraging reforms to achieve production expansion, energy security and sustainable economic growth,” he said.

The NUPRC boss also emphasized the Commission’s focus on aligning bilateral partnerships with Nigeria’s local content and sustainability goals, citing Executive Order 41 as a clear demonstration of how China-Nigeria investment partnerships can thrive within the local content framework.

“Order 41 reformulates the implementation of our local content strategy to balance indigenous participation with foreign capital inflow, making the operating environment both compliant and attractive,” he added.

He also assured stakeholders that the Commission’s licensing processes are fully digitized, transparent and timeline-based, making it easier for foreign firms to enter and scale operations in the upstream space.

Consul General of China in Lagos, Van Yuqing, mentioned that industrialisation was a key driver of Africa’s development, noting that Chinese companies have adopted innovative models that integrate the Chinese language with vocational skills training.