NUPRC Urges Banks to Boost Funding for Nigeria’s Oil and Gas Growth
The Nigerian Upstream Petroleum Regulatory Commission has called on financial institutions to step up funding for oil and gas operators to expand domestic output. NUPRC chief executive Oritsemeyiwa Eyesan made the appeal during a visit by Rand Merchant Bank executives to the commission’s Abuja headquarters. She stressed that collaboration between regulators, financiers and operators is key to unlocking new investment under the Petroleum Industry Act. Eyesan noted strong interest in the 2025 licensing bid round, with nearly 300 applications from both international and indigenous oil companies. She also highlighted energy transition measures, including flare gas permits issued to 28 firms and a goal to cut fugitive methane emissions by 60% by 2031. Rand Merchant Bank’s head of Oil and Gas Coverage, Jonathan Ross, said the bank is ready to support Nigeria’s gas development, pointing to major infrastructure projects like the OB3 pipeline. He praised recent regulatory reforms and improved security in host communities as factors that strengthen Nigeria’s investment appeal.
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