Nigeria Loses Billions in Oil Investment, Faces Skilled Workforce Shortage

Nigeria has experienced a significant decline in oil and gas investment over the last decade, resulting in billions of dollars lost and a weakening of the skilled workforce essential for sector growth. Oritsemeyiwa Eyesan, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), highlighted this critical issue at the inaugural Human Capital Development (HCD) Conference and Expo 2026 in Warri, Delta State.

Eyesan revealed that Nigeria attracted approximately $26 billion in oil and gas investment in 2014. However, this figure plummeted to about $2 billion annually by 2023. This prolonged downturn in investment led companies to scale back activities, focusing primarily on maintaining existing assets rather than exploration. Consequently, critical technical skills, especially in exploration and subsurface disciplines, have been lost.

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In that period, the first that we lost were the geoscientists. So, once the budget cuts started, there was no more exploration so the geoscientists had to be offloaded. Then some petroleum engineers became casualties because for operators, it was no longer about drilling new wells but it was survival mode; just maintenance and what have you. Our infrastructure was heavily derated because we were not investing.

"In that period, the first that we lost were the geoscientists," Eyesan explained. "So, once the budget cuts started, there was no more exploration so the geoscientists had to be offloaded. Then some petroleum engineers became casualties because for operators, it was no longer about drilling new wells but it was survival mode; just maintenance and what have you. Our infrastructure was heavily derated because we were not investing."

As Nigeria now aims to attract new investments into its upstream sector, Eyesan stressed the urgent need to rebuild its technical workforce. Developing the necessary competencies is crucial to support the anticipated increase in activity. "Today we are attracting new investments and so we want to see an upward trajectory. It stands to reason that you must go back to the basics. First of all, we need the right competencies in sub-surface," she stated.

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Today we are attracting new investments and so we want to see an upward trajectory. It stands to reason that you must go back to the basics. First of all, we need the right competencies in sub-surface.