The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) has introduced that implementation of the petroleum trade Act has created robust governance construction, creating improved participation of native operators in Nigeria’s Petroleum trade.
Gbenga Komolafe, Fee Chief Government of NUPRC said this on the 2025 Worldwide Convention on Hydrocarbon Science and Know-how, organised by Petroleum Coaching Institute in Abuja on Wednesday.
He defined that Africa, regardless of holding over 125 billion barrels of confirmed oil reserves and greater than 620 trillion cubic ft of gasoline, have greater than 600 million individuals missing entry to electrical energy on account of poor goverance.
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Komolafe who was represented by Kelechi Ofoegbu, govt commissioner, company Providers & Administration on the NUPRC, nevertheless famous that Nigeria, below the Tinubu-led administration, has charted a renewed nationwide imaginative and prescient of governance constructed on belief, transparency and stewardship by the enactment of the Petroleum Trade Act in 2021.
“The PIA is greater than a laws; it’s Nigeria’s vitality governance reform. It established a contemporary, clear, and globally aggressive framework that enshrines openness, effectivity, and equity within the administration of petroleum sources.
“This dedication to transparency has additionally rewritten one other chapter of our nationwide story: the rise of indigenous participation within the oil and gasoline sector. At the moment, native operators account for over 30 p.c of nationwide ail output. They’re constructing infrastructure, constructing and managing terminals, and creating jobs throughout our economic system.
“This transformation didn’t occur by probability. It was made doable by a degree enjoying discipline: clear licensing, entry to information, honest fiscal frameworks, and regulatory consistency, all anchored in governance,” he stated.
He additionally said that throughout flare websites in Nigeria, gasoline that when burned wastefully into the sky is now being positioned for full utilisation to energy properties, drive small industries, and supply clear cooking vitality for hundreds of thousands.
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He reiterated the Fee’s dedication to making sure that Nigeria obtain full finish to gasoline flaring by 2030.
“Via the Nigerian Upstream Petroleum Regulatory Fee’s flare gasoline commercialisation initiatives, the nation is making regular progress towards the Federal Authorities’s aim of attaining full flare-out by 2030,” he added
Additionally talking on the convention, Felix Ogbe, Government Secretary, Nigerian Content material Growth and Monitoring Board stated that clear, accountable and predictable governance methods are important for unlocking investments and making certain that useful resource wealth interprets into growth outcomes.
He famous that Nigeria has additionally undertaken key reforms by the PIA, offering a clearer governance framework and monetary regime that balances investor confidence with nationwide aspirations.
“One of the highly effective instruments for balancing development, surroundings and governance is Native Content material Growth. Nigeria’s expertise presents necessary classes. Because the enactment of the Nigerian Oil and Fuel Trade Content material Growth (NOGICD) Act in 2010, the nation has made exceptional progress in retaining worth in-country.
“In-country fabrication capability has grown considerably, with main yards delivering advanced offshore buildings that have been beforehand imported. Indigenous corporations now personal and function a major share of onshore and shallow water property.
“Over 50,000 direct jobs have been created by native content material interventions. Nigeria has moved from lower than 5 p.c native content material in 2010 to over 54 p.c at present in sure segments of the trade.”
This deliberate technique, in accordance with the manager secretary has ensured that oil and gasoline actions stimulate home manufacturing, expertise growth, know-how switch, and development of small companies.
