The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has urged the Bank of America to prioritise Nigeria’s upstream oil and gas sector in its investment portfolio to attract funding and boost crude oil production.
The Commission Chief Executive (CCE), Mr Gbenga Komolafe, made the appeal on Tuesday during a meeting with Mr Chuba Ezenwa, Managing Director and Head of Investment Banking for Sub-Saharan Africa, Bank of America, at the NUPRC headquarters in Abuja.
The meeting was confirmed in a statement issued by Mr Eniola Akinkuotu, Head of Media and Strategic Communications at the commission.
Komolafe said the engagement aligns with Section 6(h) of the Petroleum Industry Act (PIA) 2021, which mandates the commission to promote an enabling environment for investment in upstream petroleum operations and the development of Nigerian content.
He said that although the country’s oil production had improved in the past year, funding remained a major challenge for operators seeking to expand production capacity.
“Nigeria is richly endowed with hydrocarbons, 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, ” he said.
The CCE explained that the commission’s reforms were focused on fostering transparency, efficiency, and investor confidence in the upstream industry, adding that global financial partnerships would accelerate Nigeria’s drive toward energy security and sustainable production.
In his response, Ezenwa commended Komolafe’s leadership and acknowledged the impact of the NUPRC’s policy direction on the sector.
“I am encouraged by the results under the leadership of the CCE, particularly in the area of production, which has sparked renewed interest in Nigeria’s upstream sector.
“We will continue to provide support, ” he said.
The meeting forms part of the NUPRC’s ongoing efforts to attract foreign direct investment (FDI) and reposition Nigeria as a leading energy producer in Africa.
