The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is seeking to bolster the country’s crude‑oil production by urging Bank of America to increase its funding and investment portfolios in the upstream oil sector. In a statement, NUPRC spokesperson Eniola Akinkuotu said the commission’s chief executive officer, Gbenga Komolafe, made the request during a courtesy visit by Bank of America’s Managing Director and Head of Investment Banking, Sub‑Saharan Africa, Chuba Ezenwa, in Abuja.
The appeal aligns with the Petroleum Industry Act 2021, which mandates the commission to promote a favorable environment for investments in upstream petroleum operations and to develop Nigerian content in the industry. Although oil production has surged significantly over the past 12 months, funding remains a major challenge for companies looking to scale up their operations. Komolafe emphasized the need for Bank of America to prioritize Nigeria’s upstream sector in its investment portfolio, highlighting the country’s rich hydrocarbon endowment and the commission’s efforts to optimize production. “Nigeria is richly endowed with hydrocarbons, and we seek to optimize production. But funding is critical to our success. So, we are looking for areas of alignment with the Bank of America,” he said.
Ezenwa responded positively, attributing the recent increase in oil production to the commission’s leadership and reassuring that Bank of America would continue to provide support. The NUPRC’s call for increased investment comes as Nigeria seeks to boost oil production and revenue under the framework of the Petroleum Industry Act 2021, which aims to create an enabling environment for upstream investments.
A potential partnership with Bank of America could provide a significant boost to the industry, enabling companies to access the funding needed to scale up operations and increase output. The development of Nigeria’s upstream oil sector is crucial for the country’s economic growth, and the support of international financial institutions like Bank of America will be essential in achieving the commission’s goals. With the commission’s efforts to optimize production and Bank of America’s commitment to support, Nigeria’s oil production is poised for further growth and development.
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