NUPRC Lauded For Boosting IOC Confidence In Nigeria

The Energy Governance Alliance (EGA), a coalition advocating transparency and reforms in Nigeria’s oil and gas industry, has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and its Chief Executive, Engr. Gbenga Komolafe, for restoring investor confidence in the country’s petroleum sector, describing it as one of the early fruits of the Petroleum Industry Act (PIA) and the reform agenda of President Bola Tinubu.

In a statement on Sunday by its Executive Director, Dr. Kelvin Sotonye William, EGA said before the current administration and the present leadership at NUPRC, the environment for international investors in the oil and gas sector was increasingly hostile.

It noted that the climate of uncertainty, aggravated by regulatory bottlenecks, policy inconsistency, and frequent disputes with host communities, forced many International Oil Companies (IOCs) to scale back or divest, leading to a sharp decline in investor confidence.

“Under previous regimes, the perception was that Nigeria’s upstream environment had become too unstable to guarantee the kind of long-term commitments that global energy investors demand. This was why many IOCs either left or significantly reduced their exposure,” Williams said.

According to EGA, the reforms spearheaded by President Tinubu, particularly the decisive implementation of the PIA, have turned the tide.

The group said Komolafe’s stewardship at NUPRC has provided the much-needed regulatory clarity, predictability, and investor assurance that had long been absent in the sector.

It noted that recent developments, such as the Production Sharing Contract (PSC) between the Nigerian National Petroleum Company (NNPC) Limited and TotalEnergies, as well as the renewed participation of IOCs in bid rounds, are clear indicators that investor confidence has been restored.

“These milestones reflect a new reality: IOCs are now returning to Nigeria. Far from being a country in retreat, Nigeria under the present dispensation has become an investment hub once again,” the statement read.

EGA added that the recent visit of Barclays Bank Plc to NUPRC headquarters in Abuja further reinforces this trend, as global financial institutions now openly express readiness to fund oil and gas projects in the country.

“The presence of Barclays Bank executives at the Commission is symbolic. It signals not only renewed confidence in Nigeria’s petroleum reforms but also a willingness by international financiers to backstop investments in the sector. This would have been unthinkable a few years ago when divestments were dominating the headlines,” the group said.

EGA maintained that Barclays’ interest is not an isolated case but part of a broader pattern of international actors recognising that the combination of the PIA and Tinubu’s reformist agenda has made Nigeria attractive again for capital inflows.

“What has been achieved is not cosmetic. It is structural. With clear regulatory direction, renewed investor confidence, and international financiers like Barclays willing to invest, Nigerians can now see the tangible benefits of reforms taking root. The story has shifted from abandonment to renewed engagement,” EGA said.

EGA reaffirmed its support for the Commission and the Tinubu administration, describing the recent milestones as proof that reforms, when consistently applied, can transform the oil and gas industry and reposition Nigeria as a global investment destination.