The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that the sub-sector attracted capital expenditure (capex) running into billions of dollars.
The Commission stressed that this substantial investment signals positive growth and potential within the Nigerian Upstream industry.
The NUPRC, responsible for regulatory oversight in the sector, expressed satisfaction with the significant inflow of capital, highlighting its potential impact on the development and expansion of upstream activities.
The Chief Executive Officer of the Commission, Gbenga Komolafe, made this assertion at The Sun Awards in Lagos, where he was bestowed with the Public Service of the Year 2023 award.
Komolafe stated that in approximately two and a half years since assuming the role as a pioneer company, they have been establishing the Nigerian Upstream Regulatory Commission, dedicating their efforts to the Federal Republic of Nigeria, working diligently and quietly to ensure the effective implementation of their statutory mandate.
The Commission expressed satisfaction that their accomplishments are now under review.
“We have attracted capex running into billions of dollars into the Nigerian Upstream, so gradually we are happy that we have a success story to tell in just about two and half years and while doing this with my dedicated team, never knew that people were watching. So, what you have seen today is a message that the Nigerian societies are watching and that the award will further serve to prepare us for higher services, the service of the Federal Republic of Nigeria,” he said.
He further mentioned that within an impressive timeframe, they have introduced more than 17 regulations to give substance to the intent of the Petroleum Industry Act, noting that these regulations act as essential regulatory tools, ensuring stability in the industry’s activities, moving away from a preparatory regime.
Komolafe added that the country is now in a post-preparatory regime era, asserting that there is certainty and increased investor confidence.
He expressed satisfaction with the measurement regulation, considering it a commendable initiative since the inception of oil in Nigeria in 1956, spanning over seven decades of oil and gas production.
Komolafe emphasised the significance of this regulation, believing it will potentially save Nigerians billions of dollars with its effective implementation.
Secretary to the Government of the Federation, Federal Republic of Nigeria, Senator (Dr.) George Akume, who was the chairman of The Sun Awards, emphasised that nation-building is a shared responsibility, demanding active engagement from both the government and its citizens. “As the government fulfills its moral and constitutional duties, citizens are urged to reciprocate through loyalty, hard work, and a dedicated commitment to the nation,” he stated.
He urged Nigerians, irrespective of professional calling, tribe, creed or persuasion, to strive to be part of the solution, actively seeking ways to contribute to the nation’s progress.
Akume acknowledged the substantial socio-economic challenges faced by President Bola Ahmed Tinubu’s administration. He said despite these hurdles, the government has achieved commendable progress across various sectors within less than nine months.
He said in mitigating the impact of fuel subsidy removal, the administration engaged with labor to foster industrial harmony, granted wage awards to workers, established the Tripartite Committee on National Minimum Wage, released grains for distribution to the poor, and expanded social safety net programmes to support an additional 15 million impoverished families, “these efforts reflect a commitment to addressing the consequences of policy decisions and supporting vulnerable segments of the population.”
