NUPRC seeks Bank of America funding for Nigeria’s upstream sector

Nigerian Upstream Petroleum Regulatory Commission has urged the Bank of America to prioritise Nigeria’s upstream oil and gas sector in its investment portfolio to attract funding and boost oil production.

NUPRC’s chief executive, Gbenga Komolafe, made the call during a meeting with Chuba Ezenwa, managing director and head of investment banking, Sub-Saharan Africa, Bank of America, in Abuja, according to a statement. Mr Komolafe said the engagement was in line with Section 6(h) of the Petroleum Industry Act (PIA) 2021.

According to Mr Komolafe, it mandates the commission to promote an enabling environment for investments in upstream petroleum operations and the development of Nigerian content. He said that although Nigeria’s oil production had increased in the past year, funding remained a major challenge for companies seeking to expand production capacity.

“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,” Mr Komolafe said. In his response, Mr Ezenwa commended Mr Komolafe’s leadership, describing the recent rise in production as a reflection of the commission’s reforms and strategic focus.

“I am encouraged by the results under the leadership of the CCE, particularly in the area of production, which has sparked renewed interest in Nigeria’s upstream sector. We will continue to provide support,” he said.