NUPRC, Bank of America in Talks Over Funding for Nigeria’s Oil & Gas Sector

By Naija Enquirer Staff

In a strategic move to deepen investment and strengthen Nigeria’s oil and gas production capacity, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has opened discussions with the Bank of America on financing opportunities for the country’s upstream oil and gas industry.

The meeting, held at the NUPRC headquarters in Abuja, involved the Commission Chief Executive, Engineer Gbenga Komolafe, and the Bank of America’s Managing Director and Head of Investment Banking Sub-Saharan Africa, Mr. Chuba Ezenwa.

Komolafe emphasised that the engagement aligns with the Petroleum Industry Act (PIA) 2021, citing Section 6(h), which mandates the Commission to promote an enabling investment environment and support Nigerian content development in petroleum operations.

“Nigeria is richly endowed with hydrocarbon 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,” the NUPRC boss said, noting that while production levels have risen over the past year, capital constraints remain a major barrier to industry expansion.

Bank of America Expresses Confidence

Responding, Mr. Ezenwa commended Komolafe’s leadership and the regulatory reforms that have contributed to increased output and investor confidence.

“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 interests in Nigeria’s upstream. We will continue to provide support,” Ezenwa stated.

The engagement signals renewed momentum in Nigeria’s push to revitalise upstream operations, attract global capital, and maximise its vast oil and gas reserves.