Nigeria’s oil sector poised for growth under Tinubu’s leadership – NUPRC CEO

By Kunle Sanni

President Bola Tinubu’s administration is committed to transparency, attracting investment, and fostering sustainable growth in Nigeria’s oil and gas industry, says Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Speaking at the Renewed Hope Global Virtual Town Hall Conference, hosted by Joseph Adebola, Komolafe credited Tinubu’s policies for Nigeria’s recent crude oil production surge to 1.75 million barrels per day (BPD).

He noted that gas production stands at an average of seven billion standard cubic feet daily.

According to the News Agency of Nigeria (NAN), Komolafe highlighted the challenges that previously plagued the sector, including widespread oil theft, which had driven production down to 1.1 million BPD in 2022. However, he said that targeted interventions had reduced oil theft to 5,000 BPD, leading to a steady production rebound.

“Nigeria holds 30% of Africa’s oil reserves and 33% of its gas reserves, reinforcing our vast energy potential,” he stated.

The NUPRC chief also emphasized a shift in regulatory oversight from punitive measures to a framework that promotes voluntary compliance.

He described the country’s recent oil licensing round as the most transparent in Nigeria’s history, eliminating discretionary awards and adhering to international best practices.

Komolafe reiterated his commitment to positioning NUPRC as Africa’s leading regulatory body, stressing that investor confidence remains a top priority.

“The Tinubu administration’s strategic policies are driving economic growth, strengthening energy security, and positioning Nigeria as a competitive force in the global oil market,” he said.

With ongoing reforms, he expressed optimism that Nigeria’s oil and gas sector is set for sustained expansion, aligning with the president’s vision for a prosperous and self-sufficient nation.