Oritsemeyiwa Eyesan, chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has called on financial institutions to provide funding support for operators seeking to expand domestic gas production and boost investment in Nigeria’s upstream petroleum sector.
Eyesan spoke during a visit by executives of Rand Merchant Bank (RMB) to the commission’s headquarters in Abuja.
She stressed the need for stronger collaboration among regulators, financiers and industry operators to unlock investment opportunities and accelerate growth in the country’s gas sector.
The NURPC boss described access to finance as a critical factor in achieving the government’s objectives for increased gas production and energy security.
“One critical element will be financing, and we are hoping that you and the financial world will be there to support us. We will ensure that the industry operates in accordance with the Petroleum Industry Act and all other regulatory instruments,” Eyesan said.
She noted that investor confidence in Nigeria’s upstream industry remains strong, citing the ongoing 2025 licensing bid round, which has attracted nearly 300 applications from international oil companies (IOCs) and indigenous operators.
She also highlighted the commission’s efforts to support energy transition and sustainable development in the sector.
According to Eyesan, NUPRC has issued permits to access flare gas (PAFG) to 28 firms and is pursuing a target of reducing fugitive methane emissions by 60 percent by 2031.
The initiatives, she said, are aimed at promoting cleaner energy development while enhancing the country’s gas utilisation efforts.
Responding, Jonathan Ross, head of oil and gas coverage at Rand Merchant Bank, said the bank is interested in supporting Nigeria’s drive to increase oil and gas production, particularly in the gas segment.
Ross described gas development as a strategic priority for the bank and identified major infrastructure projects, including the OB3 gas pipeline, as key to unlocking Nigeria’s vast gas reserves.
He also acknowledged recent regulatory reforms and improved security in host communities, noting that the developments have strengthened Nigeria’s attractiveness as an investment destination.
