Nigeria’s oil and gas sector may be entering a new chapter as regulators, industry operators and investors point to recent reforms, fresh investments and growing refining capacity as signs of a brighter future. Speaking at the 2026 Nigeria Annual International Conference and Exhibition (NAICE 2026), stakeholders said Nigeria is beginning to regain investor confidence while positioning its energy industry for stronger growth and resilience. The optimism comes as the country works to attract capital, improve regulation and increase oil and gas production.
Chairman of the Society of Petroleum Engineers (SPE) Nigeria Council, Engr. Francis Nwaochei, said recent licensing and bid rounds showed that Nigeria was not standing still. He described the emergence of winners from the oil and gas block licensing process as a sign of renewed investor interest and a more competitive environment. He also highlighted the Decade of Gas initiative, saying it could help improve power reliability, expand cleaner energy access and support economic diversification. According to him, stronger collaboration among government agencies and industry players will be critical to turning these opportunities into lasting economic gains.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) also painted an ambitious picture for the sector, particularly around local refining. Its Chief Executive, Mallam Rabiu Umar, said Nigeria now has more refining capacity than ever before and expressed the expectation that future crude production would increasingly be processed locally. He argued that moving from crude exports to refined petroleum product exports would allow Nigeria to capture more value from its natural resources while strengthening energy security. The regulator also stressed the importance of domestic crude supply and closer coordination between the upstream, midstream and downstream sectors.
Industry operators are equally showing confidence in Nigeria’s energy potential. Shell said it would continue investing in the country through projects, people and partnerships, highlighting developments including Bonga North and Bonga Southwest. The company also pointed to a $3 billion contract financing programme designed to help Nigerian contractors build capacity and accelerate project delivery. Meanwhile, Seplat Energy CEO, Engr. Effiong Okon, urged independent oil and gas producers to focus on asset integrity, equipment reliability and cost efficiency. He said maintaining critical equipment at high performance levels, reducing production disruptions and monetising gas could significantly improve returns and strengthen operations.
For the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the outlook is equally encouraging. Commission Chief Executive Mrs. Oritsemeyiwa Eyesan said Nigeria has strong advantages, including abundant oil and gas resources, a growing indigenous industry, a young workforce and an improving regulatory environment. She stressed that continued engagement between regulators and industry players would help ensure policies reflect realities on the ground. With stakeholders increasingly focused on investment, technology, local refining, gas expansion and production growth, Nigeria’s oil and gas industry appears to be moving beyond simply talking about its potential. The bigger challenge now is turning this optimism into sustained production, investment, jobs and energy security for Nigerians.
source: newtelegraph
