The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called for increased financial collaboration with the Bank of America to attract more investments and scale up crude oil production in the country.
NUPRC’s Chief Executive, Engineer Gbenga Komolafe, made the appeal during a meeting with the Bank of America’s Managing Director and Head of Investment Banking for Sub-Saharan Africa, Chuba Ezenwa, at the Commission’s headquarters in Abuja on Tuesday.
According to a statement by the Commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, Komolafe said the initiative aligns with Section 6(h) of the Petroleum Industry Act (PIA) 2021, which mandates the Commission to promote an enabling environment for investments in upstream petroleum operations and enhance Nigerian content development.
Komolafe noted that despite the steady rise in oil production over the past year, limited funding continues to hinder the capacity of operators to expand output. He therefore urged the Bank of America to prioritise Nigeria’s upstream oil and gas sector in its investment plans.
“Nigeria is richly endowed with hydrocarbon, and we seek to optimise production. But funding is critical to our success. So, we are looking for areas of alignment with the Bank of America,” Komolafe stated.
Responding, Ezenwa commended the Commission’s leadership for its ongoing reforms and the resulting improvement in oil output, which he said had renewed investor confidence in Nigeria’s energy sector.
“I am encouraged by the reforms under the leadership of the CCE as well as the results in the area of production which has sparked interest in Nigeria’s upstream. We will continue to provide support,” he said.
The partnership discussion reflects ongoing efforts by the NUPRC to strengthen collaboration with global financial institutions and position Nigeria’s oil and gas sector for sustainable growth and investment inflows.
