|By Chinwendu Nwani
The West Africa Oil and Gas Reporters Network (WAOGRAN) has hailed reforms in Nigeria’s petroleum industry for reviving investor confidence, while warning that oil theft, vandalism, and weak infrastructure still cast a shadow over progress.
In a statement issued in Accra on Thursday, WAOGRAN credited the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), led by Gbenga Komolafe, for driving regulatory changes that have repositioned Nigeria as a leading investment hub in the sub-region.
The network pointed to key indicators of renewed confidence: crude oil production climbed to 1.71 million barrels per day in July 2025, up from 1.55 million a year earlier, while gas utilisation surged to 1.372 trillion standard cubic feet in the first half of the year. Gas flaring also fell below nine percent—the lowest level in more than a decade.
WAOGRAN further praised Nigeria’s 2024 oil block licensing round, describing it as the most transparent in the country’s history. “For many years, licensing rounds were a source of suspicion. This time, the rules were clear, the process was open, and credibility was visible to all,” the group stated.
The network emphasised that reforms are not only transforming Nigeria’s domestic energy landscape but also shaping policies in neighbouring countries. Ghana, Senegal, and Côte d’Ivoire have begun referencing Nigeria’s licensing and reporting standards, which WAOGRAN described as “a regional movement towards transparency and credibility.”
“Gas is Africa’s bridge to the future, and Nigeria is now firmly in the driver’s seat,” WAOGRAN’s coordinator, Dr. El-Hadji Mbow, said. He stressed that the credibility of Nigeria’s system, not just its reserves, is now driving investor interest across West Africa.
However, WAOGRAN cautioned that reforms must be institutionalised to outlast individual administrations. It urged Nigerian authorities to channel new investments into jobs, healthcare, and education, ensuring that citizens directly benefit from sectoral gains.
“The Nigeria of today is no longer viewed as a risky environment but as a destination of choice,” WAOGRAN declared, while stressing that sustaining investor trust will require firm action against security threats and infrastructural decay.
