As part of efforts to attract investments and ramp up crude oil production in the country, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has sought increased funding from the Bank of America.
The Commission Chief Executive of the NUPRC, Engineer Gbenga Komolafe, made this submission when he met with the Managing Director and Head of Investment Banking Sub-Saharan Africa, Bank of America, Mr. ChubaEzenwa, at the corporate headquarters of the NUPRC in Abuja on Tuesday.
In a statement made available to TheFact Daily by the Head, Media and Strategic Communication of the NUPRC, Eniola Akinkuotu, Engineer Komolafe explained 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.”
According to the statement, in his conversation with Mr Ezenwa, the NUPRC boss said although Nigeria’s oil production had witnessed an increase in the last one year, funding remained a challenge for companies seeking to scale up.
He therefore urged the Bank of America to prioritiseNigeria’s upstream sector in its investment portfolio.
“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,” 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 interests in Nigeria’s upstream. We will continue to provide support,” the Bank of America representative said.
