Mkpoikana Udoma
Port Harcourt — The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has charged banks and other financial institutions to step up funding for gas projects, as Nigeria intensifies efforts to unlock investment and expand domestic gas production amid growing industry interest.
The Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, made the call during a meeting with senior executives of Rand Merchant Bank, RMB, at the Commission’s headquarters in Abuja.
Eyesan said access to financing remains critical to achieving Nigeria’s gas development objectives and maximizing the opportunities created by ongoing reforms in the oil and gas sector.
“One critical element will be financing, and we are hoping that you and the financial world will be there to support us,” Eyesan said.
“We will ensure that the industry operates in accordance with the Petroleum Industry Act and all other regulatory instruments,” she added.
The NUPRC boss noted that investor confidence in Nigeria’s upstream sector is strengthening, pointing to the overwhelming response to the ongoing 2025 Licensing Round as evidence of renewed industry interest.
According to her, the licensing exercise attracted nearly 300 applications from international oil companies and indigenous operators, reflecting confidence in the country’s regulatory environment and investment prospects.
She stated that the Commission is working closely with stakeholders to create an enabling environment that supports investment, boosts production, and advances Nigeria’s energy transition agenda.
Eyesan also highlighted key initiatives being implemented by the regulator to support sustainable development in the upstream sector, including the commercialization of flare gas resources and methane emission reduction programmes.
She disclosed that the Commission has issued Permits to Access Flare Gas, PAFG, to 28 companies as part of efforts to reduce gas wastage and encourage investment in gas utilization projects.
The Commission, she added, is also targeting a 60 per cent reduction in fugitive methane emissions by 2031 in line with global environmental commitments and Nigeria’s energy transition objectives.
Responding, Head of Oil and Gas Coverage at Rand Merchant Bank, Mr. Jonathan Ross, expressed the bank’s readiness to support Nigeria’s oil and gas growth ambitions, particularly in the gas segment.
“We are keen on supporting Nigeria’s efforts to grow oil and gas production, with a particular focus on gas development,” Ross said.
Describing gas as a strategic priority for the bank, he identified critical infrastructure projects such as the OB3 Gas Pipeline as key enablers for unlocking Nigeria’s vast gas reserves and driving economic growth.
Ross also acknowledged recent reforms in the petroleum sector, as well as improvements in security across host communities, noting that the developments have strengthened Nigeria’s attractiveness as an investment destination.
The engagement comes as Nigeria seeks to leverage its estimated 209 trillion cubic feet of proven gas reserves to drive industrialization, expand energy access, boost exports, and attract billions of dollars in new investments under the Decade of Gas initiative.
