The International Energy Agency (IEA) has given a resounding endorsement to the sweeping regulatory reforms enacted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), describing them as critical steps that are strengthening investor confidence and positioning Nigeria for a more sustainable energy future.
The commendation was delivered during a high-level delegation visit from the IEA to the NUPRC headquarters in Abuja, marking a strategic engagement to deepen collaboration between the global energy watchdog and Nigeria’s upstream regulator.
Regulatory Certainty Driving Investment
Receiving the IEA delegation, the NUPRC Commission Chief Executive (CCE), Engr. Gbenga Komolafe, reaffirmed the Commission’s commitment to transparent regulation and investor-friendly policies, which are anchored in the Petroleum Industry Act (PIA) 2021.
Komolafe highlighted the transformative impact of the PIA, which has created a predictable, rule-based fiscal and governance framework. In under four years, the Commission has developed and gazetted 17 regulatory instruments in close consultation with industry stakeholders.
“The PIA provides a transparent, commercially-viable, and investor-friendly regulatory foundation. Our commitment is to sustain regulatory certainty, deepen stakeholder confidence, and align Nigeria’s upstream sector with global best practices,” Komolafe said.
This regulatory clarity has reduced bureaucratic discretion and fostered an enabling environment for capital inflows, vital for sustained production growth.
Global Alignment on Energy Transition and Decarbonisation
The IEA’s commendation also focused on NUPRC’s proactive integration of decarbonisation requirements into upstream project approvals.
Rita Maderia, the IEA Africa Programme Manager, praised the Commission for embedding green strategies into Field Development Plans (FDPs), noting that this aligns Nigeria’s regulatory framework with global financing expectations for cleaner and lower-carbon energy developments.
The IEA emphasized that Nigeria’s vast gas resources remain pivotal in closing Africa’s energy access deficit, where nearly 600 million people still lack electricity.
Deepening Collaboration on Data and Market Intelligence
Beyond praise, the visit aimed to strengthen technical collaboration. The IEA expressed readiness to expand support in several key areas:
- Access to Market Intelligence, including the Monthly Oil Market Report.
- Joint Workshops focused on gas monetisation and Africa’s energy transition pathways.
- Technical Data Exchanges to deepen collaboration between NUPRC experts and the IEA.
- Support for International Forums, facilitating Nigeria’s participation in global energy discussions.
Engr. Komolafe assured the IEA of NUPRC’s commitment to an open-door policy to foster continuous engagement, as Nigeria consolidates its position in Africa’s energy transition and upstream investment growth.
This international validation underscores the success of Nigeria’s oil and gas sector reforms and signals a positive outlook for the country’s upstream investment climate.
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