West Africa Think Tank Applauds NUPRC’s Strategic Oil Governance
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been commended for transforming Nigeria’s oil industry into a transparent, investor-friendly, and regionally influential sector that is restoring global confidence and attracting development across West Africa.
In a statement issued on Wednesday, the West Africa Energy Policy Institute (WA-EPI), led by its Executive Director, Fatoumata Diallo, said Nigeria’s oil market reforms under the NUPRC have had a far-reaching impact on the ECOWAS sub-region, influencing investment flows, trade integration, and energy infrastructure development.
“The NUPRC has redefined Nigeria’s upstream governance in a way that benefits not just the country, but the entire sub-region,” Diallo said.
“By promoting clarity, data-driven regulation, and investor confidence, the Commission has created a model of strategic oil governance that is stabilizing markets and attracting regional partnerships.”
Diallo noted that under the leadership of Engr. Gbenga Komolafe, the Commission has built a regulatory ecosystem anchored on accountability, competitiveness, and innovation—a significant shift from the opaque practices that once characterized Nigeria’s oil industry.
“For the first time in decades, oil in Nigeria is beginning to look like a normal, well-governed business,” she observed.
“Investors can now access real-time production data, licensing information, and field performance reports. This level of transparency is strengthening Nigeria’s reputation as a dependable regional energy hub.”
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According to WA-EPI, Nigeria’s active rig count has surged from just eight in 2021 to 69 as of October 2025, reflecting renewed investor confidence and regulatory stability in the upstream sector.
The think tank also cited steady growth in government revenue from the sector, highlighting annual surpluses of 18.3% in 2022, 14.6% in 2023, and an unprecedented 84.2% in 2024—which it described as clear evidence of regulatory competence and investor trust.
“These figures are not mere statistics,” the institute said. “They underscore a regulator that understands the link between transparency, investor security, and economic growth. The NUPRC’s strategic engagement with operators and financiers has made Nigeria’s oil market more predictable—a key condition for sustained investment.”
WA-EPI further praised the Commission’s automation of licensing and compliance systems, noting that the digital reforms have minimized bureaucratic bottlenecks while improving Nigeria’s credibility among global investors.
> “The NUPRC’s reforms show that good governance is not about adding complexity, but about enforcing the rules with precision and integrity,” Diallo added. “When the system is fair, investors respond with trust—and that trust translates into jobs, infrastructure, and regional development.”
The think tank also hailed the implementation of the Petroleum Industry Act (PIA) as the cornerstone of Nigeria’s new oil governance framework, emphasizing that it has strengthened host community relations and aligned the nation’s energy strategy with global sustainability goals.
“Across West Africa, countries are closely observing how Nigeria manages this transition,” Diallo noted.
“The NUPRC’s success demonstrates that strong institutions and consistent rules can turn resource wealth into shared prosperity. Nigeria’s progress now stands as a regional benchmark for responsible oil governance.”
