- Two major reforms, the Petroleum Industry Act (PIA) 2021 and the Presidential Executive Orders introduced by President Bola Tinubu, drove the progress.
- The NUPRC has attracted multibillion-dollar investments through regulatory initiatives and frameworks, with several major projects achieving FIDs in recent years.
A 2025 Investor Perception Survey by Arbiterz Conferences, released to the media last week, highlighted notable progress in the Nigerian oil and gas industry. The survey pointed to clearer licensing procedures, more active engagement between regulators and private sector stakeholders, and a cautious but growing optimism around Nigeria’s gas agenda.
Two major reforms, the Petroleum Industry Act (PIA) 2021 and the Presidential Executive Orders introduced by President Bola Tinubu, which garnered over 75 per cent positive ratings among stakeholders, drove the progress.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been lauded for its exemplary performance, setting the nation’s oil and gas sector on a trajectory of growth, transparency, and renewed investor confidence.
Despite the survey’s ambiguous conclusions, stakeholders within and outside the industry continue to recognise the commission’s significant strides.
However, the survey also suggested systemic issues such as inconsistent policy implementation, “weak regulatory capacity,” and bureaucratic inefficiencies continue to cloud investor confidence. Industry stakeholders have questioned the survey’s credibility and understanding of the regulator’s role.
Industry experts argue that the survey failed to identify any specific legal provisions the NUPRC has failed to implement correctly. They highlight the commission’s efforts in establishing regulations to guide industry operations, ensuring clarity, certainty, and investment attraction.
“All the regulations are in the portal,” an industry stakeholder noted, questioning the survey’s motives and understanding of the regulator’s role.
Some of NUPRC’s Achievements Since 2021
Under Mr Gbenga Komolafe’s leadership, the NUPRC has made significant progress since its establishment in 2021. The commission has addressed numerous challenges, including low investor confidence, dwindling crude oil production, and the absence of Final Investment Decisions (FIDs) on major projects.
The NUPRC has attracted multibillion-dollar investments through regulatory initiatives and frameworks, with several major projects achieving FIDs in recent years.
The commission’s efforts have also increased crude oil production, with Nigeria’s output growing to 1.7 million barrels per day, including crude and condensate. In addition, the NUPRC has successfully managed divestments, ensuring that national interests are prioritised and legal provisions are obeyed.
In recognition of its achievements, the NUPRC has received numerous accolades from reputable local and international organisations. The Africa International Chambers has nominated the commission for the Africa Development Awards 2025, highlighting its exceptional dedication to advancing the upstream sector in Nigeria.
Similarly, the NUPRC has been nominated for the ‘Regulator of the Year Award’ at the upcoming 29th Africa Energies Summit, underscoring its significant strides in transforming Nigeria’s upstream petroleum landscape.
As Nigeria continues to advance its energy sector through regulatory excellence and strategic reforms, the NUPRC’s nominations highlight its pivotal role in shaping Africa’s energy future. The commission’s dedication to excellence, innovation, and social impact has set a benchmark on the continent, reinforcing Nigeria’s position as a continental energy leader.