In a statement over the weekend, Vivian Okorafor, President of the forum, said the passage of the PIA would have meant little without the “visionary, competent and firm regulatory leadership” demonstrated by the NUPRC under the stewardship of Engr. Gbenga Komolafe.
“The PIA was a monumental achievement, but the real success story is what followed. Without the solid and transparent enforcement of the law by NUPRC, we would still be grappling with regulatory uncertainties, capital flight, and investor distrust. Today, because of strong leadership at the NUPRC, Nigeria’s upstream sector has regained the confidence of both local and international investors,” the statement reads.
The forum praised Komolafe for fostering an environment where regulation has become a catalyst for growth rather than a bureaucratic stumbling block.
It noted that since the NUPRC took charge of the PIA implementation, key investment indicators in the sector have moved in a positive direction.
“In the past, regulatory opacity drained our oil industry of investments. But the NUPRC under Engr. Komolafe has reversed that trend. Transparent bid rounds, clear licensing processes, streamlined procedures — these have restored faith in Nigeria’s petroleum sector and placed us on a competitive global footing once again,” Okorafor said.
She also highlighted the Commission’s focus on promoting Nigerian content and encouraging indigenous companies, saying these steps were crucial for broad-based economic development.
“One of the quiet revolutions happening under the NUPRC is the deliberate empowerment of indigenous operators. For the first time in decades, we are seeing more Nigerian companies participating actively in the upstream space, thanks to policies that favour transparency, merit, and homegrown expertise,” she said.
The forum further applauded NUPRC’s introduction of digital platforms that have simplified regulatory compliance, boosted efficiency, and reduced corruption in the oil and gas sector.
“Technology is now being deployed smartly to plug leakages. Licensing, reporting, and monitoring are now largely digital, making it difficult for underhand dealings to thrive. This is part of the transformational thinking that the NUPRC leadership has brought into the regulatory ecosystem.” she added.
Okorafor noted that one of the most critical impacts of the PIA implementation has been the new fiscal regime that now makes Nigeria a more attractive destination for upstream investments compared to the pre-PIA era.
“Before the PIA and the new fiscal frameworks enforced by NUPRC, Nigeria was losing out to other African nations like Angola and Ghana,” she explained.
