The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is seeking stronger financial backing from the Bank of America to attract more investment into the country’s oil and gas industry, particularly in upstream operations.

During a meeting in Abuja, NUPRC Chief Executive Officer, Gbenga Komolafe, met with Chuba Ezenwa, Managing Director and Head of Sub-Saharan Africa Investment Banking at Bank of America, to discuss ways the bank could support efforts to grow Nigeria’s oil production capacity.

Komolafe said Nigeria holds significant hydrocarbon reserves but needs sustained investment to fully develop them. He emphasized that collaboration with major financial institutions like Bank of America would help bridge funding gaps and strengthen investor confidence in the sector.

He added that the move aligns with the Petroleum Industry Act (PIA) 2021, which encourages a stable and transparent regulatory framework to attract investment into Nigeria’s upstream oil industry.

Bank of America’s representative, Ezenwa, praised ongoing reforms in the oil and gas sector, noting that they are creating a more favorable environment for foreign investment. He expressed the bank’s willingness to explore opportunities for partnership and financial support.

Nigeria’s oil output has faced several setbacks in recent years due to underinvestment, theft, and operational challenges. After production dropped below one million barrels per day in 2022—the lowest in decades—it has gradually recovered to about 1.6 million barrels per day, including condensates.

Despite this progress, funding remains a major hurdle. NUPRC’s engagement with Bank of America is part of broader efforts to attract global investors and ensure that Nigeria maximizes its oil potential in line with national energy goals.