The West Africa Oil and Gas Reporters Network (WAOGRAN) says Nigeria has now become the new destination for international oil and gas investment, citing regulatory reforms spearheaded by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) under Engr. Gbenga Komolafe.
In a statement issued in Accra on Thursday, the regional media body, which tracks developments in energy, oil and gas across the 16 West African countries, said Nigeria has “restored global confidence” in its upstream sector and repositioned itself as the continent’s investment hub.
WAOGRAN noted that its assessment is based on months of industry monitoring, field reporting and engagement with stakeholders across the region.
The group said Nigeria’s progress marks a decisive shift from years when uncertainty and opacity discouraged foreign capital.
“The Nigeria of today is no longer viewed as a risky environment but as a destination of choice,” WAOGRAN declared in a statement issued Thursday in Ghana through its coordinator, Dr El-Hadji Mbow.
“What has changed is the credibility of its regulatory framework.
NUPRC has built an environment where companies can commit long-term capital with confidence, and that is why we say Nigeria is now the leading investment hub for global oil and gas.”
The statement highlighted key indicators of investor confidence, including a steady rise in crude production to 1.71 million barrels per day in July 2025, up from 1.55 million a year earlier, and a significant boost in gas utilisation with 1.372 trillion standard cubic feet harnessed in the first half of the year.
Gas flaring has fallen to below nine percent, its lowest in more than a decade.
WAOGRAN also commended Nigeria’s 2024 oil block licensing round, describing it as “the most transparent in the country’s history”.
Conducted with live broadcasts and public bid openings, the process attracted global participation and unlocked billions of dollars in prospective investments.
“For many years, licensing rounds were a source of suspicion.
This time, the rules were clear, the process was open, and the credibility was visible to all.
That transparency has had a ripple effect, changing how Nigeria is perceived by investors worldwide,” the network observed.
With over 209 trillion cubic feet of proven gas reserves, Nigeria now holds the continent’s largest supply. WAOGRAN said the reforms have created a framework for gas to drive both Nigeria’s domestic transformation and Africa’s wider energy transition.
“Gas is Africa’s bridge to the future, and Nigeria is now firmly in the driver’s seat. The issue is no longer about reserves alone, but about trust in the system governing their exploitation,” Mbow noted.
He stressed that Nigeria’s progress is already shaping reforms in neighbouring countries, adding that Ghana, Senegal, and Côte d’Ivoire have begun referencing Nigeria’s standards for licensing and reporting, signalling what WAOGRAN described as “a regional movement towards transparency and credibility.”
“By setting a model for the rest of West Africa, Nigeria has elevated the image of the entire region. When global investors see reforms in the largest market, it strengthens confidence across the sub-region,” Mbow explained on behalf of the group.
Still, WAOGRAN cautioned that challenges such as oil theft, vandalism, and weak infrastructure remain serious obstacles. It urged Nigeria to institutionalise the reforms so that progress does not depend solely on individuals.
“The credibility we see today must be safeguarded beyond any single administration. Institutions must be strong enough to carry reforms forward,” the statement added.
The group also stressed the importance of linking investor confidence with citizen welfare, insisting that revenues from new investments must translate into social and economic development.
“Ultimately, success must be measured not just in barrels and dollars but in better jobs, healthcare and education for Nigerians,” WAOGRAN noted.
The network also commended President Bola Tinubu for providing the decisive backing that has enabled the NUPRC to drive far-reaching reforms and position Nigeria as a trusted destination for global oil and gas investment.
“In our monitoring and reporting across West Africa, nowhere has the transformation been more visible than in Nigeria,” WAOGRAN said.
“The country has gone from being a place investors avoided to one they now compete to enter. That is the power of credible reform and excellent leadership.”
