Introduction
The Nigeria Energy Quarterly Report – Q3 2026 delivers a review of key developments across Nigeria’s oil and gas, power, and mining sectors between July and September 2026. The quarter experienced continued regulatory reform increased upstream investment, further decentralisation of the electricity market and renewed efforts to strengthen Nigeria’s energy infrastructure.
The oil and gas sector recorded significant upstream activity during the quarter. The conclusion of the 2025 Licensing Round resulted in 31 companies emerging as successful bidders for 37 oil and gas blocks. The quarter also saw ExxonMobil and its partners commit approximately US$1 billion to the Usan Infill Project, while the African Atlantic Gas Pipeline received further momentum following the signing of an Intergovernmental Agreement by ECOWAS Member States.
In the downstream sector, the Dangote Petroleum Refinery completed a US$2.5 billion private equity placement and continued preparations for a proposed public offering. The quarter also saw increased regulatory attention to domestic crude supply arrangements and the supply of natural gas to the domestic market.
The power sector continued its transition towards a more decentralised electricity market with Ondo state establishing its electricity regulatory framework and the issuance of a licence from Edo state for a 7MW mini-grid project. There were also new technical audit guidelines for the transmission system, while the Federal Government established an Inter-Agency Committee to address regulatory issues arising from the implementation of the Electricity Act 2023.
This report highlights the principal policy, regulatory, market and investment developments during the quarter and considers their implications for investors, operators and other stakeholders across Nigeria’s energy sector.
