The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has met with the Managing Director and Head of Investment Banking Sub-Saharan Africa at Bank of America, Mr. Chuba Ezenwa, as part of renewed efforts to attract investments and boost Nigeria’s oil production.

According to a statement  by  Eniola Akinkuotu, Head, Media and Strategic Communication, NUPRC, the meeting, which took place on Tuesday, at the NUPRC headquarters in Abuja, focused on expanding funding opportunities for the country’s upstream petroleum sector in line with the Petroleum Industry Act (PIA) 2021.

Engr. Komolafe highlighted Section 6(h) of the PIA, 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.”

He noted that although oil production has improved over the past year, access to adequate financing remains a major constraint for companies seeking to scale 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,” Komolafe stated.

In his remarks, Mr. Ezenwa commended Komolafe’s leadership, describing the recent growth in production as a reflection of the Commission’s effective reforms.

“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,” he assured.

The engagement underscores NUPRC’s strategic drive to strengthen collaboration with global financial institutions to accelerate investments and ensure sustainable growth in Nigeria’s oil and gas industry.