…As Nigeria woos more global investors for 2025 licensing round
Nigeria’s top petroleum officials have rallied African energy leaders to unlock nearly $4 trillion in domestic capital for self-reliant growth, while aggressively courting global investors for the 2025 oil and gas licensing round.
Speaking at the 10th anniversary of the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC 2026) in Lagos on Tuesday, minister of state for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said African countries must harness continent-wide assets nearing “$4 trillion,” including “$455 billion” in pensions and “$320 billion” in insurance—South Africa with “$257 billion” in pensions alone, for investment in energy for the continent’ rapid development.
Also, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), chief executive, Oritsemeyiwa Eyesan, urged global investors to capitalise on opportunities in Nigeria’s 2025 licensing round, emphasising that recent reforms under the Petroleum Industry Act 2021 provide a predictable, transparent, and investor-friendly framework for upstream development.
Lokpobriri said Africa must transition from being a net spender to a strategic value creator in the global energy ecosystem, adding that the continent has the money to power its own energy future.
According to him, “The continent sits on nearly $4 trillion in local capital across pension funds, sovereign wealth funds, insurance assets, and unclaimed dividends. Pension funds alone account for over $455 billion. Insurance assets exceed $320 billion.South Africa alone holds approximately $257 billion in pension assets. These are not small numbers. The issue is no longer availability of capital, but deployment.
He said this is why initiatives like the African Energy Bank matter. “Nigeria did not only bid to host it; we have fully handed over to the promoters, and as many of you heard at the recent NIES, we are moving toward operationalization in the coming quarter. This is Africa taking responsibility for its destiny,” he stated.
The minister reiterated that Africa spends “over $120 billion annually on hydrocarbons alone, largely on imported refined products and external services,” calling it “a staggering outflow of capital that often leaves little long-term value on the continent.” The solution? “Capture more of the value chain — from exploration and production, to refining, distribution, and downstream manufacturing,” transforming Africa “from being a net spender to a strategic value creator.”
Lokpobiri spotlighted Nigeria’s Petroleum Industry Act (PIA) as a game-changer, which has “reduced opacity, clarified roles, and begun to dismantle the culture of middlemanism that for too long distorted value, inflated costs, and weakened confidence in the sector.” Yet he issued a stern warning: “Regulation alone cannot cleanse an industry. The next phase of success will depend on self-governance within the ecosystem.
“He urged PETAN and peers to “take ownership of standards” and launch “a conscious and collective effort to weed out bad actors — those whose practices undermine credibility, inflate project costs, and damage reputations.”
Without this, he cautioned, “portfolio EPC companies and unscrupulous operators will continue to give indigenous service providers a bad name — and that will hurt everyone. Government has created the space. Industry must now protect it.”
Celebrating indigenous progress, Lokpobiri praised Nigerian companies as “no longer just Nigerian companies — they are Africa’s service champions,” expanding across borders with “value, expertise, and technology.” He shared: “I receive regular feedback from my colleagues across Africa — regulators and ministers — asking how Nigeria built its local content framework and commending the performance of Nigerian service companies in their jurisdictions.” This, he said, embodies “the spirit of moving African energy forward,” achievable only “with collaboration.”
Meanwhile, Eyesan, said the licensing round is designed to unlock Nigeria’s upstream potential under a more predictable and investor-friendly regulatory framework established by the Petroleum Industry Act (PIA) 2021.
The NUPRC boss added that Nigeria is leveraging the momentum of renewed global interest in Africa’s hydrocarbons to attract credible investors into its upstream sector.
“To facilitate resource access, Nigeria has launched the 2025 licensing round, offering 50 oil and gas blocks across various terrains.
“This initiative reflects a targeted approach to responsible resource development. We invite capable investors to participate and help realise Nigeria’s promising upstream potential,” Eyesan stated.
She noted that Africa’s energy investment outlook has significantly improved over the past three years, with the continent now capturing a larger slice of global capital expenditure.
“Of the $520 billion projected in worldwide capital investment this year, Africa expects to attract between $48 billion and $50 billion. over 8% of the total. This is a significant increase from previous years when it was below 4%.”
The NUPRC boss attributed the resurgence to renewed investor interest in frontier and established basins, particularly in Nigeria, Namibia, Mozambique and other prolific African plays.
Beyond foreign investment, Eyesan stressed the importance of domestic and regional capital formation as a stabilising force for Africa’s energy future.
“As we work to draw in more external investment, encouraging capital formation within Africa remains essential. Domestic capital brings stronger commitment and stability, creating more opportunities for development,” the CCE said.
Eyesan noted that African independent operators are already playing a growing role in Nigeria’s upstream space, driving project execution and capital deployment.
A major milestone in strengthening indigenous financing, according to Eyesan, is the establishment of the Africa Energy Bank, which is headquartered in Nigeria.
“The creation of the Africa Energy Bank, proudly hosted in Nigeria, is a milestone,” she said, adding, “Unified support from stakeholders will be crucial to its success.”
The NUPRC boss also highlighted the growing impact of regional cooperation, particularly in gas development, power infrastructure and regulatory alignment.
“Beyond national efforts, regional cooperation is having a transformative effect,” she said, pointing to expanded gas and power infrastructure that is improving energy access, reliability and affordability across Africa.
She added that platforms such as the African Petroleum Regulators’ Forum (AFRIPERF) are strengthening Africa’s collective voice globally.
Hosted by the Petroleum Technology Association of Nigeria (PETAN) with stakeholders from over 30 countries, the SAIPEC 2026 opening ceremony featured pointed calls for self-regulation, regulatory alignment, and value retention amid Africa’s hydrocarbon resurgence.
