Gbenga Komolafe asks Bank of America to invest in Nigeria’s oil sector

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has asked the Bank of America to “prioritise Nigeria’s upstream oil and gas sector in its investment portfolio” to attract funding and boost production.

Gbenga Komolafe, NUPRC’s chief executive (CCE), addressed Chuba Ezenwa, managing director and head of investment banking of sub-Saharan Africa at the Bank of America, during a meeting in Abuja.

Eniola Akinkuotu, head of media and strategic communications at NUPRC, disclosed details of the engagement in a statement on Tuesday.

The meeting, Komolafe said, aligns with section 6(h) of the Petroleum Industry Act (PIA) 2021, which mandates the commission to promote an enabling environment for investments in upstream petroleum operations and the development of Nigerian content.

The NUPRC has published a special edition of its in house magazine, The Upstream Gaze, in commemoration of its 4th anniversary. This exciting edition contains exclusive and incisive interviews with the Minister of State for Petroleum Resources (oil), Senator Heineken Lokpobiri;… pic.twitter.com/fbzziqa9om

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The CEO said Nigeria’s oil output has increased in the past year, but funding remains a major challenge for companies seeking to expand capacity.

“Nigeria is richly endowed with hydrocarbons and we seek to optimise production; but funding is critical to our success,” Komolafe said.

“So, we are looking for areas of alignment with the Bank of America.”

In response, Ezenwa commended Komolafe’s leadership, describing the recent rise in oil output as a reflection of the commission’s reforms and strategic focus.

“I am encouraged by the results under the leadership of the CCE, particularly in the area of production, which has sparked renewed interest in Nigeria’s upstream sector,” he said.

“We will continue to provide support.”

On October 14, the presidency said Nigeria’s total upstream investment commitments have risen to $8 billion since President Bola Tinubu assumed office.