The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is calling on financial institutions to boost funding for oil and gas operators to expand domestic production. NUPRC chief executive Oritsemeyiwa Eyesan made the appeal during a meeting with senior executives from Rand Merchant Bank (RMB) at the commission's Abuja office. She stressed the need for collaboration between regulators, financiers and industry operators to drive investment and accelerate growth in Nigeria's gas sector. "One critical element will be financing, and we are hoping that you and the financial world will be there to support us. We will ensure that the industry operates in accordance with the Petroleum Industry Act and all other regulatory instruments," Eyesan said.
Eyesan revealed that investor interest in Nigeria's upstream sector remains high, citing nearly 300 applications received in the ongoing 2025 licensing bid round from international and indigenous oil companies. She also outlined efforts to support energy transition, including issuing Permits to Access Flare Gas (PAFG) to 28 firms and targeting a 60 per cent reduction in fugitive methane emissions by 2031. These initiatives, she said, are part of broader plans to promote sustainable development in the sector.
Jonathan Ross, head of Oil and Gas Coverage at Rand Merchant Bank, responded that the bank is committed to supporting Nigeria's oil and gas production growth, with a specific focus on gas development. He identified gas as a strategic priority for RMB, pointing to major infrastructure projects like the OB3 Gas Pipeline as key to unlocking Nigeria's gas potential. Ross also noted recent regulatory reforms and improved security in host communities, stating that these developments have strengthened Nigeria's position as an investment destination compared to previous years.
Oritsemeyiwa Eyesan is asking banks to fund oil and gas operators while promising adherence to the Petroleum Industry Act, yet the same regulatory framework has previously slowed project approvals despite high application numbers. The surge in interest for the 2025 licensing round—nearly 300 bids—exposes a gap between appetite and actual financing. If financiers like Rand Merchant Bank limit support to only a few players, most indigenous operators may remain locked out. This imbalance risks turning broad sector interest into narrow elite capture.
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