Prioritise Nigeria’s Oil Sector Funding, Upstream Regulator Urges Bank of America

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called on Bank of America and other key financial institutions to prioritise funding for Nigeria’s oil sector.

According to NUPRC, boosting investments in upstream activities is essential to sustaining production growth and ensuring energy security.

The chief executive of NUPRC, Engr. Gbenga Komolafe made this call when he met with the managing director and head of Investment Banking Sub-Saharan Africa, Bank of America, Chuba Ezenwa, at the NUPRC’s corporate headquarters in Abuja on Tuesday.

Engineer Komolafe noted that the move aligned with the Petroleum Industry Act 2021, specifically Section 6(h), which mandates the Commission to “promote an enabling environment for investments in the upstream petroleum operations and development of Nigerian content in the petroleum industry.”

The NUPRC boss said that although Nigeria’s oil production had increased last year, funding remained challenging for companies seeking to scale up.

He therefore urged the Bank of America to prioritise Nigeria’s upstream sector in its investment portfolio.

“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,” Engineer Komolafe said.

In his remarks, Ezenwa said the rise in production reflected Komolafe’s visionary leadership. “I am encouraged by the reforms under the leadership of the CCE as well as the results in the area of production, which has sparked interest in Nigeria’s upstream. We will continue to provide support,” the Bank of America representative said.