The Nigerian Upstream Petroleum Regulatory Commission has initiated discussions with the Bank of America to attract new investments and increase oil production amid renewed efforts to stabilise Nigeria’s crude output.

The Commission’s Chief Executive, Gbenga Komolafe, on Tuesday, met with Mr. Chuba Ezenwa, Managing Director and Head of Investment Banking for Sub-Saharan Africa at the Bank of America, at the NUPRC headquarters in Abuja.

According to a statement released by the NUPRC Head of Media and Strategic Communications, Eniola Akinkuotu, the meeting forms part of a broader engagement drive with international financial institutions aimed at bridging Nigeria’s upstream funding gap and sustaining growth in the oil and gas sector.

Komolafe said the engagement was part of ongoing efforts to deepen international partnerships and attract funding to Nigeria’s upstream industry in line with the Petroleum Industry Act 2021.

He noted that Section 6(h) of the PIA mandates the Commission to “promote an enabling environment for investments in upstream petroleum operations and development of Nigerian content.”

Komolafe explained that although Nigeria’s oil production had improved over the past year, access to capital remained a major challenge for operators seeking to expand exploration and production activities.

“Nigeria is richly endowed with hydrocarbon resources, and our goal is to optimise production. However, funding is critical to achieving that success. We are looking for areas of alignment with the Bank of America to deepen investment and sustain growth,” Komolafe said.

The CCE’s call comes as the Federal Government intensifies efforts to raise crude output to 1.8 million barrels per day in line with OPEC’s production quota and restore investor confidence in the sector.

Nigeria’s oil production had fallen below 1.3 million barrels per day in 2022 due to massive crude theft, pipeline vandalism, and underinvestment, but has gradually recovered following regulatory reforms and improved security enforcement.

The government also targets attracting up to $20bn in fresh oil and gas investments by 2030.

In his remarks, Ezenwa commended Komolafe’s leadership, describing the increase in oil production as a testament to his vision and reforms.

“I am encouraged by the reforms under the leadership of the CCE, as well as the results in the area of production, which have sparked interest in Nigeria’s upstream. We will continue to provide support,” the Bank of America representative said. (PUNCH)