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# [NIGERIA / AFRICA] Oil & Gas: 40 Blocks on Offer as Nigeria Launches 2026 Licensing Round
- URL: https://businessoi.media/en/nigeria-afrique-petrole-40-blocs-mis-aux-encheres-abuja-vise-788-000-barils-jour-supplementaires-en/
- Published: 2026-10-13T02:53:32.000Z
- Updated: 2026-10-13T02:53:32.000Z
- Description: Nigeria's NUPRC puts 40 oil and gas blocks up for bid in its 2026 licensing round, targeting 788,000 bpd of idle production and up to $50bn in offshore FID decisions. Manufacturing PMI hits 56.4, highest since 2022.
- Author: Emmanuel TAOCHY
- Tags: Afrique, Économie, Investissement, Revue matinale, #en

Nigeria has taken a significant step in its oil sector revival strategy. On October 7, 2026, President Bola Tinubu approved the launch of a new licensing round by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), covering **40 oil and gas blocks** across onshore, shallow-water and deepwater areas.

## A Strong Signal to Global Investors

The bidding round aims to attract international capital to Nigeria's underperforming upstream sector. The NUPRC has identified more than **788,000 barrels per day of idle production** across 63 operators — a dormant resource the government intends to reactivate. Regulators also hope to push offshore projects estimated at between **$30 and $50 billion** to Final Investment Decision (FID).

Bidders — Nigerian and international alike — must demonstrate technical expertise, financial capacity and a genuine commitment to develop awarded resources. Transparency is central: all submissions require disclosure of ultimate beneficial owners.

## A Supportive Economic Backdrop

The round launches against a favourable macroeconomic backdrop. The World Bank has raised its growth forecast for Nigeria to **4.3%** in 2026, following a 4.2% first-half expansion. The Stanbic IBTC manufacturing PMI reached **56.4 in September** — its highest since February 2022 — signalling strong private-sector momentum.

On the external accounts, Nigeria posted a **$12 billion current account surplus** (7% of GDP) in H1 2026, driven by oil exports. The country climbed to **8th place** in Bloomberg's Africa Risk-O-Meter 2026, up four positions, reflecting improved investor perception.

## Why It Matters

With 40 blocks spanning every geological category, this licensing round is one of Nigeria's most ambitious in years. For Indian Ocean players active on the continent — Mauritius-based investment funds, logistics and financial services operators — it is a window of opportunity worth watching closely. Nigeria remains Africa's top oil producer, and its economic revival generates ripple effects across sub-Saharan Africa.

*Sources: NUPRC, World Bank, Stanbic IBTC, OE Digital, French Treasury (October 7, 2026)*