The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has urged the Bank of America to prioritise Nigeria’s upstream sector in its investment portfolio.
Komolafe spoke when he met with the Managing Director and Head of Investment Banking Sub-Saharan Africa, Bank of America, Chuba Ezenwa, at the corporate headquarters of the NUPRC in Abuja yesterday, a statement by the Head, Media and Strategic Communication of the commission, Eniola Akinkuotu, stated.
Komolafe noted that the move was in line with the Petroleum Industry Act (PIA) 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 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.
“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,” Komolafe said.
