The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called on the Bank of America to support Nigerian oil and gas companies through increased access to project financing.
In a statement issued by the Commission’s Head of Media and Strategic Communications, Eniola Akinkuotu, NUPRC Chief Executive, Engr. Gbenga Komolafe, made the appeal during a meeting with Mr. Chuba Ezenwa, Managing Director and Head of Investment Banking for Sub-Saharan Africa at Bank of America, held in Abuja on Tuesday.
Komolafe identified inadequate funding as a major challenge facing indigenous operators in Nigeria’s oil and gas industry despite the country’s vast hydrocarbon potential.
He explained that the initiative aligns with the Petroleum Industry Act (PIA) 2021, particularly Section 6(h), which mandates the Commission to “promote an enabling environment for investments in upstream petroleum operations and the development of Nigerian content in the petroleum industry.”
While acknowledging recent gains in crude oil production, Komolafe noted that access to capital remains a critical barrier for operators seeking to expand. He therefore urged the Bank of America to give Nigeria’s upstream petroleum sector special consideration in its investment portfolio.
“Nigeria is richly endowed with hydrocarbons, and we are committed to optimising production. However, funding is critical to our success. We are therefore exploring areas of alignment with the Bank of America,” Komolafe stated.
In his remarks, Ezenwa commended the NUPRC Chief Executive for the Commission’s ongoing reforms and improved performance in oil production, which he said had reignited investor confidence in the sector.
“I am encouraged by the reforms driven by the Commission Chief Executive and the positive results in oil production, which have reignited investor interest in Nigeria’s upstream sector. The Bank of America will continue to explore opportunities to provide support,” Ezenwa said.