• Africa accounts for $50bn of $520 global petroleum investments in 2026

Sopuruchi Onwuka

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs. Oritsemeyiwa Eyesan, has said renewed global interest in Africa’s hydrocarbons, combined with stronger financing structures, is positioning Nigeria to attract increased investment into its petroleum industry.

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Speaking at the 10th Anniversary edition of the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) 2026 in Lagos, Eyesan said Africa’s energy investment outlook has strengthened significantly over the past three years, reversing earlier declines in capital inflows.

She disclosed that of the projected $520 billion in global energy capital expenditure this year, Africa is expected to attract between $48 billion and $50 billion, representing over 8 percent of the total. This marks a sharp rise from previous years when the continent accounted for less than 4 percent of global spending.

According to her, the resurgence reflects renewed investor appetite for both frontier and established basins across Africa, including Nigeria, Namibia, and Mozambique.

“Nigeria is strategically positioned to benefit from this renewed momentum,” Eyesan said, noting that regulatory clarity under the Petroleum Industry Act (PIA) 2021 has created a more transparent, predictable, and competitive investment environment.

She explained that Nigeria’s 2025 licensing round, which offers 50 oil and gas blocks across various terrains, is designed to channel this renewed global interest into concrete upstream investments.

“This initiative reflects a targeted and responsible approach to resource development,” she said. “We invite capable investors to participate and help unlock Nigeria’s significant upstream potential.”

Beyond rising global interest, Eyesan emphasized that improved financing mechanisms are critical to sustaining investment growth. She pointed to the establishment of the Africa Energy Bank, headquartered in Nigeria, as a major milestone in strengthening access to capital for African energy projects.

The bank, she noted, is expected to mobilise funding for upstream development, provide more affordable financing options, and strengthen indigenous operators across the continent.

“The creation of the Africa Energy Bank is a strategic development that will enhance financing capacity for energy projects in Africa,” she said, adding that broad stakeholder support would be essential to ensuring its success.

Eyesan also stressed the importance of domestic and regional capital formation, describing it as a stabilising force that builds investor confidence and reduces vulnerability to external shocks.

“As we attract more foreign investment, strengthening capital formation within Africa remains essential,” she said. “Domestic capital brings long-term commitment and stability, creating a more resilient energy ecosystem.”

She noted that African independent operators are already playing a growing role in Nigeria’s upstream sector, driving project execution and capital deployment.

According to Eyesan, improved regulatory certainty, expanded financing options, and renewed global interest in African hydrocarbons are converging to create a window of opportunity for Nigeria to consolidate its position as a leading petroleum investment destination on the continent.