The Nigerian Upstream Petroleum Regulatory Commission says it is taking bold steps to reclaim the country’s dominant position in Africa’s oil and gas investment space after its share of sub-Saharan Africa’s upstream inflows plunged from 44 per cent in 2014 to 30 per cent in 2022.
Speaking at the 50th anniversary conference of the Nigerian Association of Petroleum Explorationists in Lagos, Commission Chief Executive, Gbenga Komolafe, said the agency’s newly unveiled Regulatory Action Plan is designed to serve both as a corrective and a catalyst for attracting fresh capital into Nigeria’s upstream sector.
“In a fiercely competitive global environment, the RAP signals to domestic and international investors that Nigeria is ready to lead with clarity, confidence, and competitiveness,” Komolafe stated.
“In a fiercely competitive global environment, the RAP serves as both a corrective and catalytic framework to boost Nigeria’s share of sub-Saharan Africa’s upstream investments, which hitherto had dropped from 44 per cent in 2014 to just 30 per cent in 2022.
“It reflects the commission’s readiness to confront the realities of the present, restore investor confidence, and elevate Nigeria’s global standing as a prime investment destination in the upstream oil and gas space,” he said.
