- The IEA praised Nigeria’s upstream petroleum reforms, noting that the Petroleum Industry Act (PIA) 2021 has strengthened governance, transparency, and investor confidence.
- NUPRC highlighted that new regulations reduce discretion, embed decarbonisation in projects, and create a transparent, investor-friendly environment for sustainable sector growth.
The International Energy Agency (IEA) has praised the continuing reforms in Nigeria’s upstream petroleum sector. At the same time, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has highlighted the substantial impact of the Petroleum Industry Act (PIA) 2021 on governance, transparency, and investor confidence.
According to a statement released by the Commission on Wednesday, November 26, a high-level IEA delegation, led by Africa Programme Manager Rita Maderia, gave this commendation during a courtesy visit to the NUPRC headquarters in Abuja.
The Commission Chief Executive (CCE), Engr. Gbenga Komolafe welcomed the delegation and explained that the PIA has created a predictable, rules-based fiscal and regulatory framework. This new framework now drives renewed investor interest in Nigeria’s oil and gas sector. He also noted that, within four years of the Act coming into force, the Commission had developed and gazetted seventeen regulatory instruments. These instruments were produced in close collaboration with industry stakeholders.
Komolafe added that the new regulations reduce discretion and improve clarity. They also create a more attractive environment for capital inflow. He stressed that the PIA provides a transparent and commercially viable foundation for investment. According to him, the Commission remains committed to regulatory certainty and stakeholder confidence. It also aims to align Nigeria’s upstream sector with global best practice.
In her remarks, Maderia commended the NUPRC for introducing decarbonisation requirements into upstream project approvals. She explained that embedding green strategies in Field Development Plans reflects current global expectations for financing low-carbon projects. She also reaffirmed the IEA’s support for Nigeria’s ongoing efforts to modernise its regulatory framework and improve operational sustainability.
Taken together, the engagement between the IEA and NUPRC shows a shared commitment to advancing Nigeria’s upstream petroleum sector. With continued reform and greater transparency, the industry is positioning itself for long-term stability. It also aims for stronger investment growth and improved global relevance.