NUPRC, Bank of America explore partnership to enhance Nigeria’s oil production

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is stepping up efforts to attract foreign investments and enhance crude oil production as its Chief Executive, Engr. Gbenga Komolafe, met with the Managing Director and Head of Investment Banking, Sub-Saharan Africa, Bank of America, Mr. Chuba Ezenwa, on Tuesday in Abuja.

The meeting, which took place at the NUPRC corporate headquarters, focused on strengthening collaboration between the Commission and the financial institution to unlock funding opportunities in Nigeria’s upstream petroleum sector.

Engr. Komolafe said the engagement was in line with the Petroleum Industry Act (PIA) 2021, particularly Section 6(h), which mandates the Commission to promote an enabling environment for investments in upstream petroleum operations and the development of Nigerian content in the industry.

He noted that although Nigeria’s oil production had increased over the past year, access to capital remained a key challenge for companies seeking to expand operations.

“Nigeria is richly endowed with hydrocarbons, and we are committed to optimising production. However, funding is critical to our success. So, we are looking for areas of alignment with the Bank of America,” Komolafe said.

He urged the Bank to prioritise Nigeria’s upstream oil and gas sector in its investment portfolio to accelerate growth and stability in the industry.

In his remarks, Mr. Ezenwa commended Komolafe’s visionary leadership and the Commission’s ongoing reforms, which he said had renewed investor confidence in Nigeria’s oil and gas sector.

“I am encouraged by the reforms under the leadership of the CCE and the results recorded in production, which have sparked new interest in Nigeria’s upstream industry. We will continue to provide support,” Ezenwa said.