Nigeria’s upstream oil and gas industry has secured more than $24 billion in fresh capital inflows following targeted regulatory and policy interventions, according to the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC Ltd), Mr. Bashir Bayo Ojulari.
Ojulari made the disclosure during the 2026 Oloibiri Lecture & Energy Forum (OLEF 2026) in Abuja, where he delivered a keynote address themed “Beyond Three Million Barrels Target: Harmonizing Digitalization, Capital and Policy Frameworks for Intelligent Operations and Asset Optimisation.”
Represented by the Executive Vice President for Upstream Operations, Mr. Udobong Ntia, he attributed the investment surge to reforms spearheaded by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), particularly efforts aimed at resolving long-standing asset disputes and unlocking delayed Final Investment Decisions (FIDs).
He noted that Nigeria’s ambition to reach a three million barrels per day production target would depend heavily on the interplay of capital inflows, data-driven operations, and strong regulatory oversight, expressing confidence in the country’s competitiveness in the global energy market.
At the same forum, the Chief Executive Officer of NUPRC, Mrs. Oritsemeyiwa Eyesan, stressed that boosting output would require more than increased drilling activity. She called for adaptive regulatory systems capable of supporting digital oilfield technologies and ensuring sustainable value creation across the sector.
Eyesan also acknowledged that despite Nigeria’s vast hydrocarbon reserves, historical production shortfalls highlight the need for tighter coordination between policy, investment, and technological deployment.
Similarly, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Saidu Mohammed, emphasised that achieving Nigeria’s 3 million barrels per day oil and 22 billion cubic feet gas targets would require robust financing mechanisms, modern technology adoption, and effective regulation to strengthen the country’s position as an energy hub.
Earlier in the programme, Chairman of the Society of Petroleum Engineers (SPE) Nigeria Council, Mr. Francis Nwaochei, described OLEF 2026 as a critical platform for reshaping the future of the industry through innovation and collaboration.
He said the sector’s focus is gradually shifting from production volume alone to value optimisation, driven by smarter regulation, improved financing structures, and technological efficiency.
“The future of our industry will not be determined by the volume of resources we extract, but by the intelligence with which we manage them,” he said.
The Oloibiri Lecture & Energy Forum remains a flagship annual gathering of the SPE Nigeria Council, bringing together policymakers, regulators, industry executives, and stakeholders to deliberate on the future of Nigeria’s energy landscape.