Nigeria’s oil and gas regulator has called on financial institutions to provide more funding support to operators in the industry to help boost production and unlock new investment opportunities.
The appeal was made by the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, during a meeting with top executives of Rand Merchant Bank (RMB) at the commission’s headquarters in Abuja.
According to Eyesan, stronger cooperation between regulators, financial institutions, and industry operators is essential for the continued growth of Nigeria’s oil and gas sector, especially the gas industry, which remains a key part of the country’s energy future.
She explained that access to finance is one of the most important requirements for expanding production and developing new projects. Eyesan urged banks and other financial institutions to play a greater role in supporting companies operating in the sector.
She assured investors and lenders that the commission remains committed to ensuring that industry activities comply with the Petroleum Industry Act (PIA) and other regulatory guidelines. This, she said, would help create a stable and transparent environment that encourages investment.
Eyesan also revealed that interest in Nigeria’s oil and gas industry remains strong. She pointed to the ongoing 2025 licensing bid round, which has attracted nearly 300 applications from both international oil companies and indigenous operators. The high level of participation, she noted, reflects growing confidence in the country’s energy sector.
Beyond oil production, the NUPRC is also pursuing initiatives aimed at supporting cleaner energy development and environmental sustainability. The commission has already issued Permits to Access Flare Gas (PAFG) to 28 companies, allowing them to capture and utilize gas that would otherwise be wasted through flaring.
In addition, the regulator has set a target to reduce fugitive methane emissions by 60 percent by the year 2031. These efforts form part of Nigeria’s broader energy transition strategy and its commitment to reducing environmental impacts while maintaining economic growth.
Speaking on behalf of Rand Merchant Bank, Jonathan Ross, the bank’s Head of Oil and Gas Coverage, expressed support for Nigeria’s plans to increase oil and gas production.
Ross stated that gas development is a major focus for the bank because of its importance in driving industrial growth and energy security. He highlighted key infrastructure projects, including the OB3 Gas Pipeline, as vital investments that can help unlock Nigeria’s vast gas reserves and improve energy supply across the country.
The bank also acknowledged recent improvements within the sector, including regulatory reforms and better security conditions in oil-producing communities. According to Ross, these developments have strengthened Nigeria’s position as an attractive destination for investors.
Industry stakeholders believe that stronger partnerships between regulators, financial institutions, and energy companies could help accelerate production growth, create jobs, attract foreign investment, and support Nigeria’s long-term economic development.
