Nigeria’s upstream oil and gas regulator has called on financial institutions to play a more active role in funding the expansion of domestic gas production, even as the National Bureau of Statistics (NBS) moves to strengthen data collaboration with the sector.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, made the appeal during a meeting with executives of Rand Merchant Bank (RMB) at the commission’s headquarters in Abuja.
She emphasized the need for stronger partnerships between regulators, financiers, and industry operators to attract investment and accelerate growth in the oil and gas sector, assuring that the commission remains committed to enforcing strict compliance with the Petroleum Industry Act and other regulatory frameworks.
Eyesan noted strong investor interest in Nigeria’s upstream sector, pointing out that the ongoing 2025 licensing bid round recorded nearly 300 applications from international oil companies and indigenous firms.
She also highlighted progress in energy transition efforts, including the issuance of flare gas access permits to 28 companies and a target to cut fugitive methane emissions by 60 per cent by 2031.
On its part, RMB’s Head of Oil and Gas Coverage, Jonathan Ross, expressed the bank’s readiness to support Nigeria’s hydrocarbon industry, describing gas development as a strategic priority. He identified infrastructure such as the OB3 Gas Pipeline as key to unlocking the country’s gas potential and said recent regulatory reforms and improved security conditions have enhanced Nigeria’s attractiveness to investors.
In a related development, the National Bureau of Statistics (NBS) has assigned a dedicated team to work more closely with the NUPRC on data covering crude oil production, gas reserves, oil spills, and exploration activities.
Statistician-General Adeyemi Adeniran said the move is aimed at improving the quality and frequency of energy sector data used for GDP computation and other national statistics.
He added that the NBS is rolling out a digital data exchange system across 15 government agencies and is also developing petroleum national accounts under a broader natural capital accounting framework.