The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called on the Bank of America and other major financial institutions to give greater priority to funding Nigeria’s oil and gas sector. The Commission emphasized that strengthening investment in upstream activities is vital to sustaining oil production growth and securing the nation’s energy future.
Speaking during a meeting at the NUPRC headquarters in Abuja on Tuesday, the Commission’s chief executive, Engr. Gbenga Komolafe, highlighted the importance of financial backing for exploration and production projects. He met with Chuba Ezenwa, managing director and head of Investment Banking for Sub-Saharan Africa at the Bank of America, to discuss collaborative opportunities in driving sectoral growth.
Komolafe noted that the engagement aligns with the Petroleum Industry Act (PIA) 2021, which mandates the NUPRC to foster an enabling environment for upstream investments and promote Nigerian content in the petroleum industry. He pointed out that while Nigeria recorded an uptick in crude oil production in 2024, limited access to capital continues to challenge operators seeking expansion.
“Nigeria is richly endowed with hydrocarbons, and we seek to optimise production. But funding is critical to our success,” Komolafe stated. “We are looking for areas of alignment with the Bank of America to deepen upstream investments and drive sustainable growth.”
In response, Ezenwa commended the NUPRC boss for his leadership and reform-driven approach, which he said had sparked renewed investor interest in Nigeria’s upstream industry. “The recent rise in oil production is a testament to visionary leadership at the Commission,” he remarked. “Bank of America will continue to provide support as Nigeria strengthens its energy landscape.”
source: leadership