The African Centre for Energy Investment and Policy (ACEIP) has described the call for African countries to secure at least $600 billion annually in upstream oil and gas investment as an urgent and realistic lifeline for the continent’s energy security.
Recall that the Executive Director of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, had, at the 2025 Africa Energies Summit in London, told the global audience that Nigeria was well positioned to .
But reacting to the call by the NUPRC boss, the African Centre for Energy Investment and Policy warned Africa to stop pretending that it can leapfrog into renewables without first solving its foundational energy access crisis.
ACEIP’s Executive Director, Dr. Amaka Ezeanochie, said Komolafe’s message at the 2025 Africa Energies Summit was timely and captures the seriousness of Africa’s energy demands in a world pushing aggressively towards decarbonisation.
In a statement, ACEIP noted that Komolafe’s $600 billion call is not an exaggeration but the barest minimum needed if Africa is to power its homes, industries, hospitals, and schools across the continent.
”;;This is not a luxury; it is a lifeline. We must stop pretending that Africa can leapfrog into renewables without first solving its foundational energy access crisis.
Referencing BP’s 2024 Energy Outlook and the International Energy Forum’s forecast of a 30 percent surge in African energy demand by 2040, the centre said Komolafe was right to warn against a one-size-fits-all global energy narrative.
“There is a dangerous assumption that what works for Europe or North America must work for Africa. But Africa’s energy reality is unique. We are the least electrified continent, and we have a right to use every available resource, including oil and gas, to meet our development goals,”;; Ezeanochie asserted.
She said Komolafe’s emphasis on investment flows into Nigeria’s upstream sector was especially critical, given the country’s proven reserves and recent regulatory milestones.
“Nigeria has over 210 trillion cubic feet of gas and 37 billion barrels of oil. These are not stranded assets. With the right investment, they are the building blocks of industrial growth, job creation, and regional energy integration. We’re not talking theory —we’re talking about powering lives and unlocking economic value,”;; she noted.
ACEIP further lauded NUPRC’s implementation of the Petroleum Industry Act (PIA), highlighting that the reforms are catalysts for investor confidence and operational momentum in Nigeria’s upstream sector.
“Between 2021 and 2025, Nigeria’s rig count grew from eight to over 36 — and we expect it to hit 50 by year-end. This is not by accident. It’s the result of deliberate reforms, investor outreach, and improved access to reliable data. The world is watching, and the numbers are proving Nigeria’s seriousness.
“Nigeria has ended the era of blind drilling. With quality data at their fingertips, investors can make informed decisions quickly and confidently. This kind of transparency and preparedness should be the standard across Africa’s resource-rich economies.”;;
