To Attract Fresh Investment in Oil Sector, NUPRC Announces 2025 Licensing Round

•Komolafe says exercise to commence December 1, 2025

•New round to accelerate FG’s  additional ‘1 Million Barrels’ initiative  

•Commission’s chief declares funding as biggest challenge in upstream sector

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday moved to attract additional investment in the oil and gas sector, with the announcement of the commencement of the 2025 licensing round from December 1, 2025.

Commission Chief Executive (CCE) of the NUPRC, Gbenga Komolafe, made the announcement at the NUPRC’s ‘Project 1MMBOPD’ Additional Production Investment Forum in London, UK, a statement by the Head, Media and Strategic Communication of the commission, Eniola Akinkuotu, stated.

Apart from signalling new investment into the upstream sector, the new bid round is meant to improve government revenue, significantly shift the structure of players in the sector (as foreign oil companies continue divestment) and strengthen implementation of the Petroleum Industry Act (PIA).

Besides, a transparent bid round will test whether the new regulatory framework under the Petroleum Industry Act can operate as promised and if well managed can boost industry confidence in the sector.

At the event, Komolafe added that the announcement was in line with the (PIA) following the approval of President Bola Tinubu who doubles as the Minister of Petroleum Resources in Nigeria.

He said: “We are announcing that we are ready, following the approval of the Minister of Petroleum Resources in line with the Petroleum Industry Act, to commence the 2025 licensing round beginning from December 1, 2025.”

At the forum which was attended by chief executives of oil companies, bank representatives and potential investors, the NUPRC chief said funding remained the biggest challenge in Nigeria’s upstream sector and the commission as a business enabler planned to tackle this by connecting interested parties.

He therefore stated that the event was put together to connect all stakeholders in order to make the additional one million barrels a reality. “One of the factors that affected business is that activities were happening in silos but the NUPRC now realises the need to bring everyone together,” the CCE said, adding, “We want you all to network. Bank of America is here as well as representatives of other banks.”

Komolafe said the reforms initiated by the Tinubu-led administration had improved Nigeria’s economic metrics. He said crude oil production now averages 1.71 million barrels per day with a peak daily output of 1.83 million bpd, evidence of tangible progress.

The CCE said 46 Field Development Plans (FDPs) had been approved from January 2025 till date, representing immediate investment commitments and production growth potential, noting that the rig count had grown to over 60 out of which at least 40 are active. He therefore stated that this was the best time for existing investors to deepen their stake in Nigeria.

He added: “The drive to reach and sustain 1 million barrels per day in incremental capacity and beyond will require Floating Production, Storage and Offloading (FPSO) units for cluster developments; Floating Storage and Offloading (FSO) vessels for crude evacuation and storage; and a variety of Modular Offshore Production Units and Early Production Facilities to enable early production and accelerated monetisation. All these need investments and the prospects are here in Nigeria.”

Also speaking, the Chairman, House Committee on Petroleum Resources (Upstream), Hon, Alhassan Doguwa, promised investors that his committee would not push any legislation that would undermine investments. Doguwa added the Petroleum Industry Act, 2021 would not be tampered with arbitrarily.

“The House of Representatives reaffirms its commitment to the PIA and will resist any arbitrary changes that will undermine investments,” he said.

Besides, his counterpart in the Senate, Senator Eteng Williams,  promised investors that Nigeria’s legislature will continue to pass business-friendly laws and urged investors not to fret. Enang commended Komolafe for being a business enabler.

In his remarks, the Chairman, Governing Board, Organisation of Petroleum Exporting Countries (OPEC), Mr. Ademola Adeyemi-Bero, said the petroleum industry remains critical to  Tinubu’s plan to transform Nigeria to a $1 trillion economy.

He therefore called on investors to key into the opportunity provided by the Project 1 million Barrels Per Day Forum.

The two-day event is being attended by key players in the sector including the CEO of Seplat, Mr. Roger Brown; the Managing Director, TotalEnergies Nigeria, Mattieu Bouyer; Managing Director of ExxonMobil Nigeria; Jagir Baxi; Chairman, AA Holdings, Austin Avuru; executive commissioners of the NUPRC, representatives of investment firms, among several others.

​  

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    Cardoso: Economy Belongs to All, Reform Gains Must Be Protected

    Cardoso: Economy Belongs to All, Reform Gains Must Be Protected

     •Says credible policies, transparent markets, sound governance have restored investor confidence in financial system

    James Emejo in Abuja

    Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, yesterday, declared that nobody had a monopoly of the economy, stressing that “this economy belongs to all of us”.

    Cardoso stated that the progress so far achieved in the past two and a half years, amid bold reforms, must be protected.

    He said the general attitude of “I am fine; others can sort themselves out”, will not sustain growth, adding that systemic weaknesses affect everyone.

    Cardoso spoke at the opening of the annual CBN Executive Policy Seminar, which was held at the apex bank’s auditorium in Abuja.

    He said a situation where the country had a “frightening Ways and Means to GDP ratio should never happen again”.

    He said, “We must avoid indiscriminate interventions that yield little result. We cannot sit back and assume that someone else will fix it — this economy belongs to all of us.”

    Minister of State for Finance, Dr. Doris Uzoka-Anite, revealed that the federal government was currently working to establish a Unified National Framework that will bring together both monetary and fiscal instruments to drive structural transformation.

    Uzoka-Anite said at the seminar that based on that understanding, the CBN and the Ministry of Finance had begun to work together with other government institutions towards a coordinated growth agenda.

    Cardoso said, “That is why we hold events like this — not because we simply like to talk, but because we must continue to educate, to engage, and to ensure that we stay on course. I have no doubt that Nigeria is moving in the right direction. We will get there — but we must remain focused, disciplined, and united in our resolve.

    “We must defend what is ours and safeguard the interests of future generations. This is a collective effort. We must all contribute to baking a bigger pie — expanding our GDP relative to our population.”

    The CBN governor reaffirmed the apex bank’s commitment to credible policies, transparent markets, and sound governance – all of which had helped to restore investor confidence in the financial system since he assumed office in 2023.

    Cardoso said price stability remained central to CBN’s policy framework, anchored on inflation targeting, stating that credible inflation-targeting regime enhances predictability, guides market expectations, and anchors long-term investment.

    He said, “Investors avoid uncertainty — the greater the predictability, the stronger the incentive to invest. Once you get the fundamentals right, investors naturally gravitate toward your market.

    “Boosting local production and industrial competitiveness is equally crucial. Collaboration with fiscal authorities to reduce costs and incentivize production remains a key imperative.”

    He said fast-tracking export growth, particularly through services and the creative industries, further highlighted the country’s emerging strength in music, film, design, and digital services.

    Cardoso said, “We are proud to have supported the journey that led to the launch of the Nigeria-US Data Deal on October 1st — a major platform for our creative talents to reach global audiences.”

    Cardoso pointed out that enhancing access to finance for SMEs remained a priority for the bank, and reaffirmed its commitment to expanding access through innovative credit frameworks, improved risk-sharing mechanisms, and strengthened credit infrastructure.

    In addition, the CBN governor said through the reforms he implemented, Nigerians would no longer need connections or personal influence to transact or get their work done at the central bank.

    According to him, “When I assumed responsibility as Governor, I made a promise that Nigerians would no longer need connections or personal influence to transact or get their work done at the Central Bank. You do not need to know the Governor, a Deputy Governor, or any Director to access legitimate services.

    “Yes, where issues arise, they will be addressed appropriately — but the era of everyday personal lobbying at the CBN is over. The economy belongs to everyone, and no one should feel they have a monopoly over it.”

    He stated that the seminar offered yet another opportunity for introspection and refinement of policy options, and encouraged all participants to engage actively.

    He stated, “The insights gathered here will inform our future policies and shape the next phase of reform implementation. Your collective contributions are vital to shaping Nigeria’s macroeconomic future.”

    In her remarks, Uzoka-Anite said the federal government will continue to improve Nigeria’s economic competitiveness and its social and developmental impact.

    She said, “Our efforts must remain aligned toward clear targets — particularly reducing the cost of energy, shortening the time required to register businesses, ensuring secure payments, and simplifying interactions with government agencies.

    “As we work toward these targets, we have recognized that the challenges we face are not cyclical but structural. Traditional monetary tightening alone cannot deliver the desired results. Therefore, we must complement it with coordinated fiscal expansion that can produce lasting impact.”

    While highlighting the various initiatives of the government to reset the economy, she said the task ahead was to grow the nation and boost revenue mobilisation.

    ​  

     •Says credible policies, transparent markets, sound governance have restored investor confidence in financial system James Emejo in Abuja Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, yesterday, declared

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    At Arewa House, Sanwo-Olu Boasts Nigeria Will Rout Poverty, Insecurity, Other Trials

    At Arewa House, Sanwo-Olu Boasts Nigeria Will Rout Poverty, Insecurity, Other Trials

    John Shiklam in Kaduna and Sunday Ehigiator in Lagos

    Lagos State Governor, Mr. Babajide Sanwo-Olu, has declared that Nigeria would overcome all its challenges, including, poverty, hunger, and insecurity.

    Sanwo-Olu, who advocated stronger unity among Nigerians to surmount the country’s development issues, contended that no governor or local government chairman could complain about lack of funds in the President Bola Tinubu administration.

    Sanwo-Olu spoke yesterday in Kaduna at a one-day lecture to mark Nigeria’s 65th independence anniversary, organised by Arewa Think Tank.

    Held at Arewa House Auditorium, Kaduna, the lecture was themed, “65th Year of Nigeria’s Independence: The Journey So Far with the Renewed Hope Agenda in View.”

    Stating that Nigerians must adopt a home-grown, local and bottom-up approach in the actualisation of state policing, local government autonomy, presidential legacy infrastructure projects, Sanwo-Olu said the president, in his politics and vision, tapped Alhaji Ahmadu Bello’s audacious foresight.

    He said the vision was evident in Tinubu’s initiatives, which had been connecting cities, opening up rural areas, and addressing other difficult issues for the development of the country.

    Kaduna State Governor, Senator Uba Sani, listed failed governance, hunger, and socio-economic marginalisation as some of the major factors driving insecurity in the country.

    Sani, who recommended the Kaduna peace model for the. country, declared that peace must be cultivated, and not imposed.

    The governor renewed his call for the creation of state police as part of a multi-level security architecture to tackle insecurity. He said the country’s current law enforcement manpower was grossly inadequate for its population of over 230 million people.

    The event, chaired by  former President of the Senate and Secretary to the Government of the Federation, Senator Pius Anyim Pius, was also attended by former governors of Osun, Ogun and Kaduna states, Chief Bisi Akande, Aremo Olusegun Osoba, and Mukhtar Ramalan-Yero, respectively.

    Others in attendance were former Governor of Jigawa State and current Minister of Defence, Mohammed Badaru Abubakar, top officials of the Kaduna State government, former and current public office holders, religious and traditional leaders, and captains of industry.

    Sanwo-Olu, who was Guest Speaker at the event, challenged public office holders to build on the legacies of the country’s founding fathers, like Sir Ahmadu Bello, Chief Obafemi Awolowo, Dr. Nnamdi Azikwe, and other leaders and patriots, by studying their lives and examples and learning from their successes and shortcomings.

    He said, “No one is perfect, and politics and public service are not about perfection. Instead, they are about constantly improving, fine-tuning, reforming—planting trees we might not be around to enjoy, building to leave behind a better country and a better planet than the one we inherited.”

    Echoing his call for stronger unity, Sanwo-Olu said, “I will close with a strong message of hope and unity for these times that we are in, against the backdrop of the challenges that we are confronting as a nation, including very controversial claims from the United States government about religious persecution and intolerance.

    “We will continue to affirm that Nigeria is a proudly multi-ethnic, multi-religious and multicultural country, where the things that bind us together are far weightier than whatever seeks to separate or divide us.”

    Sanwo-Olu stated, “We stand together as citizens and compatriots, firm in our conviction about our common destiny. God has put us together for a purpose, and we shall achieve that purpose without distraction or division.

    “We shall defeat every challenge: poverty, hunger, and, as the president himself has assured us, terrorism. As His Excellency President Bola Ahmed Tinubu reminded us earlier this week, ‘The task ahead is immense, but it is our resolve to move forward with unity and purpose, guided by the Renewed Hope Agenda to build a prosperous, inclusive and resilient Nigeria.’”

    Sanwo-Olu said the president, in his politics and vision, tapped heavily into the audacious foresight that defined Ahmadu Bello’s generation.

    He stated, “The president’s Renewed Hope Agenda is a clear testament to this foresight—and he has faithfully implemented its pledges and commitments since he assumed office on May 29, 2023.”

    Sanwo-Olu said the Renewed Hope Agenda, anchored on progressive thinking and solutions, was in full alignment with the founding ideals and long-term direction of the All Progressives Congress (APC).

    The governor added that the comprehensive agenda focused on economic growth and diversification, security in all ramifications (national security, energy security, food security), national infrastructure, human capital development, and governance reform.

    He explained, “At the state level, APC governors are encouraged to draw from and align with these pillars in our various governing agendas.

    “In Lagos State, for example, our THEMES+ agenda is fully aligned, emphasising infrastructure, human capital development, diversification through entertainment and tourism, security, governance reform, and social inclusion. This unity of purpose, across tiers of government, is an essential foundation for fast-tracking development in Nigeria.”

    Sanwo-Olu said the removal of petrol subsidy, unification of exchange rates, and introduction, passage and presidential assent to four tax acts by Tinubu were commendable.

    According to him, “These fiscal reforms represent a hard reset of the Nigerian system. A reset away from dysfunction, to efficiency, away from wasteful consumption, to productivity. The country now possesses a new engine that enables it to operate at its maximum capacity.

    “The reform foundation of the Renewed Hope Agenda has not just been about blocking leakages; even more importantly, it is about increasing the quantum of resources available to drive real and sustainable growth and development.”

    While emphasising the need for true federalism in Nigeria, the governor commended Tinubu for building a fair and equitable society and closing the widened inequality.

    Sanwo-Olu said revenue had surged under the watch of Tinubu, and there was now more money for governors and local government chairmen to do more work to the benefit of the people.

    He stated, “Mr. President is a veteran unifier and a bridge-builder, and this is self-evident from the breadth and vastness of his personal and political networks across Nigeria and even Africa. And I can very boldly say that bridge-building is what the Renewed Hope Agenda is all about as well.

    “The agenda seeks to build bridges—bridges of impactful reform, of enduring development, of collective prosperity, and of equity and national unity—in Nigeria. And it is doing this with the understanding that Nigeria is a large and diverse country, comprising various regions that must be allowed to advance in a way that is compatible with their specific contexts and circumstances.”

    The governor stated, “Having been governor, President Tinubu not only knows what it is to run a subnational government; he also understands very deeply the role that state and local governments play in actualising national development.

    “This is why he has put so much focus on empowering those two tiers of government. Between 2023 and 2024, federal allocations to state governments grew by a whopping 65 per cent—i.e., almost two-thirds—while those to local governments grew by 47 per cent—i.e., almost half.

    “That pattern has continued to date and is set to grow even further from 2026, with the new tax laws which have reduced the Federal Government’s share of VAT from 15 per cent to 10 per cent, while raising the share for states and local government areas to 55 per cent and 35 per cent, respectively.”

    Sanwo-Olu stated, “Yet another demonstration of the lengths to which President Bola Ahmed Tinubu will go to take decisions for the collective good, and not personal gain.

    “For the local governments, he took the matter of their financial autonomy to the Supreme Court and made a convincing case that secured a historic judgement in favour of local governments. He is equally committed to ensuring the full implementation of this financial autonomy for this tier of government that is closest to the needs and aspirations and desires of the Nigerian people.”

    He said of Tinubu, “The tireless reformer that he is, the President is now on a quest to extend the reforms and restructuring to Nigeria’s security architecture in a manner that has never been seen since 1960. I am referring here to the issue of State Policing— which is most accurately described as an arrangement that empowers state governments to have a greater say in the security of their states and local communities.

    “When the president sets out to achieve a fundamental reform, we know that, regardless of all the odds and challenges, he will—working with and carrying along all stakeholders—achieve his objectives.”

    On his part, Sani stressed that the country’s current law enforcement manpower strength of about 400,000 police officers and 250,000 military personnel could not effectively secure a country of Nigeria’s size and diversity.

    He said the shortfall left vast areas as “ungoverned spaces” exploited by criminals and non-state actors.

    He said, “A federated republic demands federated security. State police is not a threat to national unity but a guarantee of it. What we need is a coordinated but devolved security system that gives states constitutional authority to secure their people.”

    The governor, who sponsored four constitutional amendment bills for multi-tier policing while serving in the ninth Senate, said he remained committed to supporting the 10th National Assembly to actualise the establishment of state police and state security service commissions.

    Sani stressed that insecurity in Nigeria was a symptom of failed governance, poverty, and socio-economic marginalisation, rather than just a policing problem.

    “You cannot bomb poverty out of existence or shoot down unemployment. Lasting peace requires social justice, inclusion, and opportunity,” he stated.

    The governor presented what he called “Kaduna Peace Model” as a home-grown framework that had helped restore calm and cohesion in a state once known for violent conflicts.

    Under the model, Sani explained, Kaduna adopted an inclusive approach to peacebuilding through dialogue, economic empowerment, and community participation.

    He said over 50 consultative forums were held involving traditional rulers, herders, crop farmers, the youth, and religious leaders to resolve disputes and build trust.

    “Peace must be cultivated, not imposed. Security is not the absence of war but the presence of justice, opportunity, and mutual trust,” he told the audience.

    Sani said the approach had yielded remarkable results, stating that Kaduna State has recorded over two years without any ethno-religious conflict, for the first time in decades.

    He also disclosed that the United Kingdom had downgraded its travel advisory on Kaduna State from “red” to “amber” in recognition of the state’s improved security situation and enhanced international confidence.

    According to him, the non-kinetic strategies deployed by his administration have restored safety to rural communities, reopened hundreds of schools previously shut down due to insecurity, and revived economic activities across the state.

    He said, “We refused to pay ransom for abducted citizens. Instead, we relied on community mediation and traditional leadership. In one instance, 252 victims were released within nine days without paying a kobo.”

    The governor attributed Kaduna’s success in stabilising security to its blend of inclusive governance, interfaith collaboration, and development-focused policies, saying the state has now prioritised education, healthcare, infrastructure, and youth empowerment as tools of peacebuilding.

    While acknowledging the federal government’s ongoing security reforms under Tinubu and National Security Adviser (NSA), Mallam Nuhu Ribadu, Sani urged other state governments to adopt similar grassroots-focused approaches.

    He said, “Our experience in Kaduna shows that when states take ownership of security and development, peace becomes sustainable. The Kaduna Peace Model is a demonstration that insecurity can be overcome through vision, courage, and partnership.”

    ​  

    John Shiklam in Kaduna and Sunday Ehigiator in Lagos Lagos State Governor, Mr. Babajide Sanwo-Olu, has declared that Nigeria would overcome all its challenges, including, poverty, hunger, and insecurity. Sanwo-Olu,

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