From policy to project, NUPRC boss says PIA is driving capital into Nigeria’s oil & gas sector – EnviroNews

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Nigeria’s upstream regulator says the Petroleum Industry Act has moved the country “from policy to projects” and is already unlocking fresh capital into Africa’s largest oil and gas sector

Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, stated this while speaking at an executive panel session at the AOE Energy week in Accra, Ghana.

Eyesan, who spoke on the theme “Africa regulators and NOC Leadership debate”, reaffirmed Nigeria’s commitment to sector growth and investor confidence.

Stressing that “the passage of the Petroleum Industry Act has given a new sense of direction for Nigeria’s oil and gas sector,” Eyesan told global investors and government delegates that “clarity is what is driving investments into the sector today”.

The theme for AOW Energy 2026 centres on “Investing in African Natural Resources”, with core discussions directed at accelerating exploration, unlocking upstream partnerships, and aligning policy, infrastructure, and markets.

She also said there were initial challenges that followed the passage of the PIA arising from the challenges associated with COVID which stalled investment drive to the oil and gas sector at the time. She added that despite these initial challenges, overtime, significant investments borne out of policy clarity which flowed from the PIA has helped redefined business decisions in Nigeria.

“The PIA was a turning point for us in Nigeria, the petroleum industry act is where we consolidated our regulations for the oil and gas industry to ensure that the institutions that we created them from where fit for purpose,” Eyesan stated.

The commission chief executive, who noted that between 2014 and 2020/21 Nigeria’s investment portfolio in the sector fell from about $26 billion to $2 billion, said government interventions through reforms have helped to bring stability and regulatory clarity which have all combined to bring about confidence to Nigeria’s oil and gas industry. She also stated that the increased investment footprints in the upstream segment of the value chain is a further testament of Nigeria’s intentional approach to oil and gas reforms.

Speaking on lessons that could be learnt from the Nigerian experience, the NUPRC boss called on partner countries to create policy templates that could help drive stability within operating host communities areas, she said one of the dividends of the PIA was the creation of host community intervention funds for the development of these communities.

She noted that before the advent of the legislation that birthed the PIA, agitations, vandalism of pipeline infrastructure were the order of the day in several host community centres particularly in Nigeria’s Niger Delta areas, declaring that this has significantly reduced after the passage of the Petroleum Industry Act.

On his part, Moustapha Bechir, who is Senior Technical Advisor, Upstream, Ministry of Energy and Petroleum, Mauritania, in his presentation during the panel session noted that his country has long created policies to attract investment and declared that reforms designed to ensure investor confidence remain priority for his government. 

Another panelist from Liberia, Fabian Michael, President/CEO, National Oil Company of Liberia, said his country would continue to work with the regulatory commission in Nigeria. Fabian, who described Nigeria’s oil and gas industry as a shining example for other countries within the continent, said Nigeria’s long history in oil and gas business would continue to be a learning curve for other countries within the continent to learn from.