The African Centre for Energy Investment and Policy (ACEIP) has thrown its weight behind the Nigerian Upstream Petroleum Regulatory Commission's (NUPRC) call for African countries to secure at least $600 billion annually in upstream oil and gas investment, describing it as "an urgent and realistic lifeline" for the continent's energy security.

NUPRC Executive Director, Gbenga Komolafe, had earlier told a global audience at the 2025 Africa Energies Summit in London that Nigeria is strategically positioned to tap into the projected $600 billion annual upstream investment needed to grow Africa's oil sector.

In response, ACEIP's Executive Director, Dr. Amaka Ezeanochie, warned that Africa must stop "pretending that it can leapfrog into renewables without first solving its foundational energy access crisis." She emphasized that Komolafe's message was timely and accurately captures the seriousness of Africa's energy demands amid global pressure for decarbonisation.

"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," Ezeanochie stated in a release by the centre.

The ACEIP cited BP's 2024 Energy Outlook and the International Energy Forum's forecast of a 30 percent surge in African energy demand by 2040, supporting Komolafe's warning against applying a one-size-fits-all global energy transition approach to Africa.

"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.

The ACEIP leader highlighted the critical importance of investment flows into Nigeria's upstream sector, given the country's substantial proven reserves and recent regulatory achievements. "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," she noted.

The centre also commended NUPRC's implementation of the Petroleum Industry Act (PIA), noting that these reforms have boosted 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," the statement added.

ACEIP further praised Nigeria's data-driven approach to oil exploration, stating: "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."