LAGOS — Nigeria will need large new investment to reach its goal of producing 3 million barrels of oil per day and 12 billion cubic feet of gas per day by 2030, industry experts say. Annual investment in the upstream sector has fallen to about $2 billion from about $26 billion in 2014, and the country's highest output, about 2.5 million bpd, was recorded in 2005. The Nigerian Upstream Petroleum Regulatory Commission is offering 40 blocks onshore, in shallow water and in deep water in its 2026 licensing round, and has warned companies that won blocks in 2025 to pay their signature bonuses or lose them. Officials say offshore incentives could unlock up to $50 billion in investment.