Key facts
- Nigeria expects to attract at least $30 billion in investment for 22 offshore oil and gas projects between 2026 and 2030.
- These investments aim to support the government's goal of increasing crude oil output to 2.5 million barrels per day by 2030.
- The 22 projects are part of $57 billion in field development plans approved since January 2024.
- Nigeria's share of African upstream final investment decisions has significantly increased in 2024 and 2025.
- The country is investing in infrastructure such as processing facilities, pipelines, and export terminals.
Nigeria's upstream oil and gas regulator, NUPRC, has announced that 22 offshore projects are anticipated to attract at least $30 billion in investment between 2026 and 2030. This initiative is part of the government's broader strategy to boost crude oil production to 2.5 million barrels per day by the end of the decade.
NUPRC Chief Executive Oritsemeyiwa Eyesan stated that these 22 "major" projects represent the offshore component of the $57 billion in field development plans (FDPs) that have been approved by the regulator since January 2024. Previous NUPRC statements indicated that 41 FDPs approved in 2024 were expected to draw $17.5 billion and yield 573,000 b/d, while 28 FDPs in the first nine months of 2025 were projected to attract $18.2 billion in capital expenditure for a targeted production of 591,000 b/d.
Nigeria's presidency highlighted that the country's share of African upstream final investment decisions (FIDs) has surged from approximately 4% in the years leading up to 2023 to around 40% across 2024 and 2025, with about $10 billion committed and a visible pipeline of approximately $50 billion ahead. President Bola Tinubu has set crude production targets of 1.7 million b/d by 2027 and 2.5 million b/d by 2030. Output in June was 1.65 million b/d, an increase from May's 1.59 million b/d.
To support upstream growth, Nigeria is also advancing infrastructure projects, including expanding central processing facilities, pipelines, and export infrastructure. Eyesan mentioned NUPRC's promotion of shared facilities, open access, and field tiebacks to reduce costs and optimize the use of existing infrastructure. Enhanced collaboration among government entities, security agencies, operators, host communities, and private partners is reportedly improving oil installation security and sector resilience.
Nigeria is also actively seeking upstream investment through annual licensing rounds, aiming to increase national liquids reserves to 40 billion barrels from the current 37.01 billion barrels. The recently concluded 2025 licensing round resulted in 31 companies securing 37 oil and gas blocks, with preparations already underway for the 2026 licensing round.