As part of efforts to attract investments and boost oil production, the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engineer Gbenga Komolafe, met with the Managing Director and Head of Investment Banking Sub-Saharan Africa, Bank of America, Mr. Chuba Ezenwa, at the corporate headquarters of the NUPRC in Abuja, Nigeria.
Engineer Komolafe noted that the move was in line 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.”
In his conversation with Mr. Ezenwa, the NUPRC boss stated that although Nigeria’s oil production had increased over the last year, funding has remained a challenge for companies seeking to scale up.
He therefore urged the Bank of America to prioritize Nigeria’s upstream sector in its investment portfolio. “Nigeria is richly endowed with hydrocarbons, and we seek to optimize 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, Mr. Ezenwa said the rise in production was a reflection of Engineer 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.
