FCT, Abuja – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been adjudged to be doing well in transforming the country’s oil and gas sector.
The Renewed Hope Ambassadors Network (RHAN) said the NUPRC under Engr. Gbenga Komolafe’s leadership has made significant strides in restoring the lost glory of Nigeria’s oil and gas sector.
This is according to the report of the pro-President Bola Ahmed Tinubu’s group which assessed the impact of the Petroleum Industry Act (PIA) and the efforts of NUPRC under Komolafe’s leadership.
The group said the commission has embraced digitalization, ensuring real-time monitoring of oil production and compliance.
The Pro-Tinubu group said it has helped curb crude oil theft and improved accuracy in production reporting.
This was contained in the report signed by its secretary general, Fabian Opialu, and made available to Legit.ng on Sunday, February 23, 2025.
“Undoubtedly, Nigeria’s oil and gas sector has undergone a dramatic transformation since the Petroleum Industrial Act (PIA) was passed,”
The report further stated that the NUPRC has strengthened engagement with host communities, ensuring benefits from oil production reach local populations.
The group also commended NUPRC for facilitating open dialogue and cooperation between government agencies, international investors, and host communities.
Opialu said challenges have persisted, including oil theft, regulatory bottlenecks, and security threats despite achievements recorded by the agency.
The report recommended enhancing transparency and digitalisation and strengthening security measures to overcome these challenges.
NUPRC was urged to implement cutting-edge surveillance technologies to address oil theft and pipeline damage.
The report also urged the commission to maintain improved stakeholder engagement, ensuring continuous dialogue with host communities, international investors, and oil-producing firms.
“Despite putting policies like security enhancement, digitization, stakeholder engagement, and revenue optimization in place, challenges such as bureaucratic hurdles, host community concerns, and oil theft, though now at minimal, still remain issues that require continuous attention and strategic interventions.
“We are convinced that with consistent implementation of reforms and a commitment to global best practices, the PIA and the efforts of the NUPRC will continue to shape Nigeria’s oil and gas industry, ensuring it remains a vital contributor to national economic development.”
Petroleum sector attracts $5m foreign Investment
According to a recent study, just 0.19% of the $2.6 billion in capital imports came from the oil sector.
The largest oil-producing country in Africa received $3.64 million in capital imports from the industry in 2023.
