Nigeria is set for a major investment boost in its oil and gas industry, with 22 offshore projects expected to begin development between now and 2030. The projects could attract between $30 billion and $50 billion in fresh investment, creating new opportunities for production, jobs and government revenue.
The projection was disclosed by the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, during the Society of Petroleum Engineers’ annual conference in Lagos.
Eyesan said the regulator had approved more than $57 billion worth of Field Development Plans (FDPs) since 2024. Some of the approved plans have already moved closer to Final Investment Decisions, raising expectations that several major projects could enter active development in the coming years.
The expected investment comes as African countries increase spending across the oil and gas value chain. Beyond crude production, companies and governments are investing in pipelines, terminals, processing facilities and liquefied natural gas infrastructure.
Industrial Info Resources, an energy investment research company, estimates that more than 800 active oil and gas projects are currently under development across Africa. Together, the projects are valued at more than $221 billion.
Gordon Gorrie, Senior Vice President of Research for Oil and Gas at the organisation, said growing concerns about energy security were encouraging countries to expand their energy infrastructure.
He noted that the next 12 to 18 months could be particularly important for major African oil and gas developments. Several projects that have already received approval but faced delays are expected to move closer to construction or first production.
Nigeria is positioned to benefit significantly from this investment wave because of its large offshore reserves and established oil industry.
The country’s crude production increased to about 1.71 million barrels per day between April 2025 and April 2026, maintaining Nigeria’s position as Africa’s leading oil producer.
The Nigerian National Petroleum Company Limited has also indicated that crude production could rise by another 100,000 barrels per day before the end of 2026 as new output comes online and production disruptions are addressed.
One of the major developments attracting attention is Shell’s Bonga South West/Aparo project, a deepwater development that has gained fresh momentum following government support and fiscal incentives. The project is expected to produce around 150,000 barrels of crude oil per day when completed.
The expected offshore investment could help Nigeria increase crude production, strengthen supporting infrastructure and generate more revenue for the government.
It could also improve energy security by increasing domestic production and encouraging more investment in the wider petroleum industry.
However, industry analysts say the projects will require stable regulations, investor confidence and timely infrastructure development. If these conditions are maintained, Nigeria could enter a new phase of offshore oil development, with billions of dollars potentially flowing into the sector before 2030.
