The Managing Director of United Bank for Africa (UBA), Oliver Alawuba and his counterpart from Ecobank, Bolaji Lawal paid a courtesy visit to the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, at his office.

The visit aimed to foster collaboration between the oil and gas sector and the financial services industry, with a focus on enhancing synergy and driving growth across both sectors.

The Commission Chief Executive of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has emphasized the need for a paradigm shift to position Nigeria as a leader in energy security and economic growth.

The CCE who spoke at the Renewed Hope Global Town Hall Conference in Abuja recently highlighted reforms and achievements in Nigeria’s oil and gas sector.

Speaking on Nigeria’s oil and gas potential and global positioning, he noted that Africa accounts for five of the world’s top oil-producing countries, and Nigeria stands as the continent’s second-largest oil reserve holder and the largest gas reserve holder, with oil reserves estimated at 37.5 billion barrels, while gas reserves stand at 209 trillion cubic feet (TCF).

He added that oil production in Nigeria currently averages 1.75 million barrels per day (BOPD), with a gas production rate of 7 billion standard cubic feet per day (SCFD).

On regulatory reforms and achievements, the NUPRC boss stated that since the enactment of the Petroleum Industry Act (PIA) in 2021, the NUPRC has driven several initiatives to enhance regulatory effectiveness and attract investments. The Commission unveiled its 10-year Regulatory and Corporate Strategic Plan (2023–2033) in May 2023, followed by a Regulatory Action Plan for 2024, detailing key industry reforms.