Mkpoikana Udoma
Port Harcourt — In a renewed push to attract global investment and accelerate oil output, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has engaged the Bank of America to explore funding opportunities for upstream operations in the country.
Speaking during a strategic meeting with the Managing Director and Head of Investment Banking Sub-Saharan Africa, Bank of America, Mr. Chuba Ezenwa, at the Commission’s headquarters in Abuja, the Chief Executive of NUPRC, Engr. Gbenga Komolafe, said the engagement was part of ongoing reforms under the Petroleum Industry Act, PIA, aimed at boosting investor confidence and operational efficiency.
Komolafe explained that Section 6(h) of the PIA mandates the Commission to promote an enabling environment for investment in upstream petroleum operations and enhance Nigerian content development.
He stated, “Nigeria is richly endowed with hydrocarbon resources, and we are committed to optimising production. However, funding remains a critical challenge for many operators seeking to scale up. We are therefore looking for areas of alignment with the Bank of America to facilitate financing and attract global capital into Nigeria’s upstream.”
The NUPRC boss emphasized that while recent reforms had contributed to an increase in the nation’s crude oil production, sustaining the momentum would require robust financial partnerships with credible global institutions.
He noted that the Tinubu administration’s focus on fiscal stability, production optimization, and transparent regulatory oversight was designed to restore confidence among international investors and unlock the next phase of growth for the oil and gas sector.
“We have recorded measurable progress in stabilising production and addressing operational bottlenecks, but there is still much work to be done. The Commission’s goal is to ensure that the right regulatory and financial frameworks are in place to support long-term investments,” Komolafe said.
Responding, Mr. Chuba Ezenwa commended the leadership of the NUPRC for its proactive regulatory approach and the positive changes witnessed in Nigeria’s upstream environment.
“I am encouraged by the reforms under the leadership of the CCE and the results being achieved in the area of production. These improvements have rekindled investor interest in Nigeria’s oil and gas sector,” Ezenwa said.
He assured that the Bank of America was ready to explore opportunities to support Nigeria’s upstream investment drive, noting that increased production and transparency were vital for long-term partnership.
According to him, “Our institution recognises the importance of Nigeria in Africa’s energy future. We are open to deepening engagement in ways that will enhance funding access and support sustainable production growth.”
The meeting underscores NUPRC’s broader strategy to strengthen investor relations, expand private capital inflows, and ensure that Nigeria remains a competitive and reliable oil-producing nation on the global stage.
