Nigeria is reshaping its oil licensing strategy to lure fresh investment and revive production after years of decline.
Notably, the country’s regulator has slashed the mandatory “signature bonus” fee to between $3 and $7 million, a sharp reduction from the $10 million it charged in 2024 and the approximately $200 million that was required several years ago.
Officials say the shift prioritizes technical expertise, financial strength, and credible development plans over high upfront fees.
The process will also be fully digital and independently monitored to boost transparency and investor confidence.
With majors like Chevron and TotalEnergies showing interest, Abuja hopes the reforms will help lift output to 2.7 million barrels per day by 2027 and stabilize revenues critical to Africa’s largest economy.
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The financing is designed to cushion energy costs while supporting Botswana’s private-sector and jobs reforms.