The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has appealed to the Bank of America to prioritize investments in Nigeria’s upstream oil and gas industry to drive growth, expand production, and strengthen the country’s energy capacity.
This call was made by the Commission Chief Executive, Mr. Gbenga Komolafe, during a strategic meeting in Abuja with Mr. Chuba Ezenwa, Managing Director and Head of Investment Banking for Sub-Saharan Africa at Bank of America.
According to a statement released on Tuesday by the Head of Media and Strategic Communications, Mr. Eniola Akinkuotu, 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 upstream investment and enhance Nigerian content participation.
Komolafe emphasized that although Nigeria has recorded progress in oil production over the past year, funding remains a critical barrier to achieving optimal output.
“Nigeria possesses vast hydrocarbon resources, and our goal is to maximize production levels. However, adequate funding is essential to realize that vision. We are, therefore, exploring opportunities for collaboration with the Bank of America to support our expansion objectives,” Komolafe stated.
Responding, Ezenwa commended Komolafe’s leadership and noted that the recent rise in Nigeria’s crude output reflects the impact of NUPRC’s reforms and strategic initiatives.
“I am impressed by the Commission’s achievements, especially the improvement in production levels, which has renewed investor interest in Nigeria’s upstream sector. The Bank of America remains committed to supporting these efforts,” Ezenwa affirmed.
Komolafe reiterated that strengthening partnerships with global financial institutions such as the Bank of America is crucial for sustaining growth and ensuring Nigeria remains competitive in the global energy landscape.
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