The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has appealed to the Bank of America to increase funding support for Nigeria’s oil and gas sector. According to the agency, more financial investment is needed to grow crude oil production in the country.

This appeal was made by the Commission’s Chief Executive, Gbenga Komolafe, during a courtesy visit by Chuba Ezenwa, Managing Director and Head of Investment Banking for Sub-Saharan Africa at Bank of America, in Abuja. The NUPRC stated that the request aligns with the Petroleum Industry Act (PIA) 2021, which empowers the agency to attract investment into the upstream sector and strengthen Nigerian participation in the oil industry.

Komolafe noted that although Nigeria’s crude oil output had improved in the last one year, funding gaps still make it difficult for companies to scale production. He urged Bank of America to consider Nigeria’s oil sector as a major opportunity within its investment portfolio, especially as the country looks to maximise its vast hydrocarbon resources.

He stressed that Nigeria has huge oil reserves and the commitment to increase production, but success depends heavily on access to financing. “We are looking for strategic alignment and investment support from Bank of America,” he said.

In response, Ezenwa commended the Commission’s progress, saying the current rise in oil output shows strong leadership in the industry. He assured that Bank of America will continue to partner with and support Nigeria in strengthening its oil production capacity.