The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called on the Bank of America to prioritise investments in Nigeria’s upstream oil and gas sector to attract funding and boost national oil production.
The Commission Chief Executive, Mr. Gbenga Komolafe, made the appeal during a meeting with Mr. Chuba Ezenwa, Managing Director and Head of Investment Banking for Sub-Saharan Africa at the Bank of America, in Abuja.
According to a statement issued on Tuesday by Mr. Eniola Akinkuotu, Head of Media and Strategic Communications at NUPRC, 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.
Komolafe noted that while Nigeria’s oil production has improved over the past year, access to funding remains a major challenge for companies seeking to expand 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,” Komolafe said.
In his response, Ezenwa commended Komolafe’s leadership, describing the recent rise in production as a reflection of the Commission’s reforms and strategic direction.
“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.
