Nigeria is targeting between $30bn and $50bn in new upstream oil and gas investment over the next five years, with 22 major offshore projects expected to move forward between 2026 and 2030, according to Splash247.
Investment target and project pipeline
Splash247 reported that Nigerian Upstream Petroleum Regulatory Commission (NUPRC) chief executive Oritsemeyiwa Eyesan said the projects would help lift crude output, create jobs, and strengthen energy security. The regulator has approved more than $57bn in field development plans since 2024, Eyesan added, with some already reaching final investment decisions.
Licensing rounds and block awards
The 22 planned offshore developments are separate from Nigeria's efforts to open more prospective acreage, according to the report. Successive licensing rounds since 2022 awarded 37 blocks to 31 companies through a data-driven evaluation process. The 2025 licensing round, which offered 50 blocks across onshore, shallow-water, frontier, and deepwater areas, is expected to attract around $10bn in fresh capital.
Preparations for the 2026 licensing round are already under way, with the regulator stating it wants investment certainty to become an "enduring feature" of Nigeria's upstream framework.
Infrastructure constraints and cost measures
Infrastructure remains a key constraint for the country. Eyesan acknowledged that inadequate facilities continue to limit Africa's oil and gas potential, but said Nigeria is addressing the gap by expanding gas gathering systems, processing plants, pipelines, and export infrastructure, according to Splash247. The commission is also promoting shared facilities, open access, third-party access, and field tiebacks to cut costs and speed up project delivery.
Key investment figures at a glance
| Metric | Figure |
|---|---|
| Upstream investment target | $30bn–$50bn |
| Offshore projects planned (2026–2030) | 22 |
| Field development plans approved since 2024 | More than $57bn |
| Blocks awarded since 2022 | 37 |
| Companies awarded blocks | 31 |
| Blocks offered in 2025 round | 50 |
| Expected capital from 2025 round | Around $10bn |
Security and collaboration
Eyesan added that improved collaboration among government agencies, security organisations, operators, host communities, and private sector partners had enhanced the protection of critical energy assets and made Nigeria's upstream sector more resilient.
For commodity traders and procurement teams, the $30bn–$50bn investment target and the schedule of licensing rounds provide a baseline for tracking Nigeria's planned upstream expansion through 2030, as reported by Splash247. With the 2025 round expected to generate around $10bn in capital and the 2026 round already in preparation, the country is moving to convert prospective acreage into producing assets.
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