The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been praised by the Energy Governance Alliance (EGA) for restoring international investor confidence in the country’s oil and gas sector. The group described the turnaround as one of the first tangible gains of the Petroleum Industry Act (PIA) and the reform agenda of President Bola Tinubu.
EGA, a coalition advocating transparency and reform in the industry, said the environment for International Oil Companies (IOCs) in Nigeria had deteriorated in the years before the current administration, forcing many to scale back or divest. It blamed regulatory bottlenecks, policy inconsistencies, and recurrent disputes with host communities for creating instability that drove investors away.
“Under previous regimes, Nigeria’s upstream environment was viewed as too unstable for the kind of long-term commitments global energy investors require,” said Dr Kelvin Sotonye William, EGA’s Executive Director.
The group credited Engr Gbenga Komolafe, Chief Executive of NUPRC, with providing regulatory clarity and predictability, which it said had brought renewed assurance to investors. It pointed to the Production Sharing Contract (PSC) signed between the Nigerian National Petroleum Company (NNPC) Limited and TotalEnergies, alongside IOC participation in fresh bid rounds, as proof of a renewed appetite for Nigerian assets.
“These milestones reflect a new reality: IOCs are now returning to Nigeria. Far from being a country in retreat, Nigeria under the present dispensation has become an investment hub once again,” EGA said.
The coalition also highlighted the recent visit of Barclays Bank executives to the NUPRC headquarters in Abuja as evidence of international financiers’ renewed confidence in the sector.
“The presence of Barclays Bank executives at the Commission is symbolic. It signals not only renewed confidence in Nigeria’s petroleum reforms but also a willingness by international financiers to support investments in the sector,” the group noted.
EGA stressed that Barclays’ interest was part of a broader pattern of global players reassessing Nigeria, citing structural reforms and consistent implementation of the PIA as key factors.
“With clear regulatory direction, renewed investor confidence, and financiers like Barclays willing to invest, Nigerians can now see the tangible benefits of reforms taking root. The story has shifted from abandonment to renewed engagement,” it said.
The group reaffirmed its support for the Commission and the Tinubu administration, insisting that consistent reforms can reposition Nigeria as a global energy investment destination
