Despite being Africa's largest oil producer, Nigeria has recently experienced a decline in investment in the oil and gas sector raising concerns about the future viability of the Nigerian oil and gas industry (the “Industry”). In 2023, the country was reported to have received only 5% of the total oil and gas investment received in Africa. Compounded by a global shift towards renewable energy sources, Nigeria's oil and gas sector faces a dire need for modernisation to keep pace with evolving Industry standards. It is imperative to reiterate that the Industry holds immense potential for investment, but unlocking this potential requires the creation of a consistent and conducive regulatory environment supported by robust legislation and policies.

This article examines recent regulatory innovations introduced by the Nigerian government aimed towards promoting investment in the Industry in a rapidly evolving energy landscape.

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