Nigerian Upstream Regulator Urges Bank of America to Prioritize Oil Sector Funding

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called on Bank of America to prioritize funding for Nigeria's oil sector to enhance investments in upstream activities. The Chief Executive of NUPRC, Engr.

Gbenga Komolafe, emphasized the importance of sustaining production growth and ensuring energy security during a meeting with Bank of America's management. Komolafe highlighted the need for financial support to scale up operations in Nigeria's oil industry, which remains rich in hydrocarbons.

The move aligns with the Petroleum Industry Act 2021, which mandates the promotion of investments in upstream petroleum operations and the development of Nigerian content. Bank of America's investment portfolio in Nigeria is seen as critical for the success of the sector.