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)