A new report from the International Energy Agency (IEA) reveals that upstream oil and gas investment in Africa dropped to $37 billion in 2025, down significantly from $68 billion in 2016. Nigeria, Algeria, Angola, Egypt, and Libya remain the dominant players, collectively accounting for 70% of the continent’s investment and 80% of production. While investment in these five nations fell from $50 billion to $25 billion over the same period, Nigeria continues to implement regulatory reforms under the Petroleum Industry Act to improve competitiveness and attract capital, with the Nigerian Upstream Petroleum Regulatory Commission citing over $10 billion in unlocked investment.