The government is now offering additional incentives for investors seeking to participate in its 2025 oil licensing round, which was announced on 1 December 2025 and will be completed this year. In this round, the government is offering 50 licenses across onshore, shallow, frontier and deepwater assets with a focus on gas rich blocks for sale in line with its energy transition agenda to boost gas output. 

Oritsemeyiwa Eyesan, the new chief executive officer of the NUPRC, announced at a pre-bid conference held on 14 January 2026 that the government had approved a reduction in the entry costs for the licensing round as part of the government’s efforts to attract investment into the upstream sector. These include a revision of the signature bonus and other pre–first oil fees, without stating the specific fees. 

Eyesan emphasized that bid winners would be strictly selected on technical capability, financial strength and the capacity to execute proposed work programmes, and warned that commitments made during the bidding process would be binding and form the basis for post-award regulatory oversight. The commission also noted that bidders would not be allowed to hold onto their assets indefinitely if they did not start their work towards hitting first oil. 

The pre-bid oil licensing round was Eyesan’s first official appearance since Tinubu appointed her NUPRC CEO on 19 December 2025, and came following the sudden resignation of the former CEO Gbenga Komolafe ten months before the end of his tenure, which had been due to be September 2026. 

Komolafe had been the initial head of the commission after it was created by the Petroleum Industry Act in 2021. His sudden resignation had created some uncertainty over the bid round that he had just launched, as his resignation – for which no official reason was provided – appeared to have been forced. There are some concerns in the industry over NUPRC’s independence and whether his resignation will affect participation in the bid round. 

So far, however, there is no indication that the timeline for the bidding process has changed. Winning and reserve bidders are expected to be notified on 10 July 2026 while ministerial approval, contracting and award processes for the licenses are scheduled to be completed between 13 July and 12 October 2026. The commission will hold road shows in the US, the UK and China, though no dates have been announced yet.

The January 2026 issue of Nigeria Focus also includes the following:

Implications

Spotlight

• Trump and other issues that will shape Nigeria’s pre-election year

Politics

• Kano governor’s imminent defection will boost Tinubu’s political fortunes 
• Court intervenes to save Fubara but Tinubu will have the final say 
• APC in digital push for members

Economy

• Inflation rate tweaks risk bursting confidence in number 
• Cash flow to states puts pressure on the central bank 

Oil & Gas

• Tony Elumelu emerges biggest indigenous player in nation’s energy sector 
• Avuru leads other marginal players to buy TotalEnergies stakes 
• Incentives put on the table for 2025 oil licensing round 
• Pushback after Tinubu writes off USD 5.3 billion NNPC debt
• Dangote prepares listing despite challenges with output 

Insecurity

• US weapons, terrorist drones set the stage for increased clashes in the North
• Dispute over new mass abduction of Christian worshippers 

Numbers