The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has called on the Bank of America to expand its funding and investment portfolios in Nigeria’s upstream oil sector to help boost crude oil production.
According to a statement issued by the NUPRC spokesperson, Eniola Akinkuotu, Komolafe made the appeal when the Managing Director and Head of Investment Banking for Sub-Saharan Africa at Bank of America, Chuba Ezenwa, paid a courtesy visit to the Commission’s headquarters in Abuja on Tuesday.
Komolafe said the request aligns with the objectives of the Petroleum Industry Act (PIA) 2021, particularly Section 6(h), which mandates the Commission to promote an enabling environment for investment in upstream petroleum operations and encourage the development of Nigerian content in the oil and gas industry.
He noted that while Nigeria’s crude oil production has improved over the past year, funding remains a major challenge for companies seeking to expand their operations.
“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.
He urged the financial institution to prioritise Nigeria’s upstream sector in its investment strategy to help sustain ongoing production recovery and industry reforms.
Responding, Ezenwa commended the NUPRC’s leadership, noting that the recent rise in oil production reflects the Commission’s regulatory efficiency and commitment to industry growth.
“We will continue to provide support,” he assured.
