The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been credited with transforming Nigeria’s oil industry into a more investor-friendly sector that is attracting development to the ECOWAS sub-region and restoring confidence among global stakeholders.
A statement on Wednesday by the West Africa Energy Policy Institute (WA-EPI), led by Executive Director Fatoumata Diallo, said the scale of Nigeria’s oil industry means that every policy shift or market reform in the country ripples across West Africa — influencing energy investment, regional trade, and infrastructure development.
“The NUPRC has redefined Nigeria’s upstream governance in a way that benefits not just the country, but the entire sub-region. 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 said.
She noted that under Engr. Gbenga Komolafe’s leadership, the Commission has built a regulatory ecosystem anchored on accountability, competitiveness, and innovation — a sharp departure from the opaque practices that once defined the sector.
“For the first time in decades, oil in Nigeria is beginning to look like a normal, well-governed business. Investors can now access real-time production data, licensing information, and field performance reports. This level of accessibility is strengthening Nigeria’s reputation as a dependable regional energy hub,” she observed.
According to WA-EPI, Nigeria’s active rig count has risen from just eight in 2021 to 69 as of October 2025 — a development it described as “evidence of renewed investor confidence and regulatory stability.”
The think tank said the Commission’s reforms have consistently boosted government revenue, with annual surpluses of 18.3% in 2022, 14.6% in 2023, and an unprecedented 84.2% in 2024.
“These numbers are not mere statistics; they reflect a regulator that understands the connection 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,” the statement added.
Diallo also highlighted the Commission’s automation of licensing and compliance processes, noting that the digital transformation has reduced bureaucratic interference while enhancing the country’s credibility among global investors.
“The NUPRC’s reforms show that effective governance is not about adding complexity, but about enforcing the rules with precision and integrity. When the system is fair, investors respond with trust, and that trust translates into jobs, infrastructure, and regional growth,” she said.
The think tank praised Nigeria’s implementation of the Petroleum Industry Act (PIA), describing it as “the foundation of the new era of oil governance” that has strengthened host community relations and aligned Nigeria’s energy strategy with global sustainability standards.
“Across West Africa, countries are watching how Nigeria manages this transition. The success of NUPRC’s reforms demonstrates that strong institutions and consistent rules can turn resource wealth into shared prosperity. Nigeria’s progress is now a regional benchmark for responsible oil governance,” Diallo added.