Nigeria is charting a new course in its oil and gas sector through a series of ambitious reforms designed to enhance transparency, competitiveness, and long-term sustainability, according to the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe.
Speaking at the Global Sustainable Education and Leadership Conference 2025 held at the House of Lords in London, Komolafe noted that the country has recorded remarkable progress in recent years.
“We are not only regulating production; we are shaping the future of energy in Africa by ensuring that Nigeria remains a reliable supplier, a fair regulator, and a responsible global partner,” he stated.
Highlighting key milestones, Komolafe revealed that Nigeria’s rig count surged from eight in 2021 to 69 by October 2025 — representing a remarkable growth of over 760 percent. He attributed this progress to strengthened investor confidence in the nation’s regulatory framework and improved market stability.
He also disclosed that revenue collection has consistently surpassed projections, with surpluses of 18.3% in 2022, 14.6% in 2023, and an outstanding 84.2% in 2024.
“Our goal is to maximize the value of Nigeria’s hydrocarbon resources while aligning our operations with global sustainability standards,” he said.
The NUPRC boss further stressed the growing role of indigenous participation in the sector, noting that local operators now contribute over 30% of Nigeria’s total oil output. Additionally, the establishment of Host Community Development Trusts ensures that oil-producing communities directly benefit from ongoing industry activities.
“This is about building a transparent, accountable, and investment-friendly system that mirrors our national values and global aspirations,” Komolafe emphasized.
Recognizing his leadership and reform-driven impact, Engr. Gbenga Komolafe received the Global Sustainable Leadership Award during the event. Dedicating the award to the Nigerian people, he said it symbolizes “the courage and faith that drive our reforms in the upstream oil and gas sector.”
