Komolafe gets massive backing over $600bn lifeline for Africa’s energy needs

The African Centre for Energy Investment and Policy (ACEIP) has endorsed Engr. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), called for Africa to secure $600 billion annually in upstream oil and gas investments.

The think tank described the appeal as a “realistic and urgent lifeline” critical to the continent’s energy future.

In a statement signed by its Executive Director, Dr. Amaka Chima Ezeanochie, and issued on Tuesday, ACEIP said Komolafe’s comments during the 2025 Africa Energies Summit in London addressed the stark reality of Africa’s energy needs amid accelerating global decarbonisation efforts.

“We must stop pretending that Africa can leapfrog into renewables without first solving its foundational energy access crisis,” Ezeanochie said. “Komolafe’s $600 billion call is not an exaggeration — it is the minimum needed if we are to power homes, industries, hospitals and schools across the continent.”

ALSO READ: NUPRC boss Komolafe earns praise for putting Nigeria on global energy map

Citing BP’s 2024 Energy Outlook and data from the International Energy Forum predicting a 30% rise in Africa’s energy demand by 2040, ACEIP echoed Komolafe’s caution against global narratives that overlook Africa’s specific development context.

“There is a dangerous assumption that what works for Europe or North America must work for Africa,” Ezeanochie stated. “Africa remains the least electrified continent, and we must be allowed to use all available resources — including oil and gas — to meet our development goals.”

Ezeanochie further emphasised Nigeria’s role in driving upstream investments, pointing to the country’s 37 billion barrels of proven oil reserves and over 210 trillion cubic feet of gas as untapped economic opportunities.

“These are not stranded assets,” she said. “With the right investment, they are the building blocks of industrial growth, job creation, and regional energy integration.”

The think tank commended NUPRC’s implementation of the Petroleum Industry Act (PIA), noting that upstream reforms have significantly improved investor confidence. According to ACEIP, Nigeria’s rig count grew from 8 in 2021 to over 36 in 2025, with expectations to exceed 50 by the end of the year.

“This growth is not accidental,” Ezeanochie said. “It’s the result of deliberate reforms, targeted investor outreach, and improved access to quality data.”

She also highlighted the progress of Nigeria’s seismic data acquisition through the Awalé Project, which has generated over 11,000 square kilometres of 3D seismic data and digitised more than 10,000 well records via the National Data Repository.

“Nigeria has ended the era of blind drilling,” she noted. “The availability of high-quality data is a game-changer for investors.”

ACEIP also called on global financial institutions to stop applying blanket restrictions on fossil fuel investments in Africa, warning that doing so ignores the continent’s low emissions profile and energy poverty crisis.

“Africa is not asking for charity — we are asking for fairness,” said Ezeanochie. “You cannot ask us to power a continent of 1.4 billion people on hope and solar panels alone.”

She added that Nigeria’s regulatory approach could serve as a model for other African nations aiming to attract upstream investment.

“Nigeria has moved from rhetoric to execution. Transparent licensing rounds, policy clarity, and digital innovation have made a real difference. Komolafe’s leadership has made Nigeria reform-ready.”

ALSO READ: Nigerians laud NUPRC, Komolafe for anchoring reforms through PIA implementation

ACEIP concluded by urging African governments to coordinate a continent-wide energy investment strategy and called on global stakeholders to support Africa’s development without imposing incompatible climate expectations.

“We can address climate change and grow our economies,” Ezeanochie said. “Africa needs patient capital, genuine partnerships, and a place at the table where our energy future is being decided. Komolafe has set the tone — now the world must listen.”