In a candid exchange, Nigeria Upstream Petroleum Regulatory Commission (NURPC) Chief Executive, Gbenga Komolafe, expressed deep concern over Nigeria’s dwindling crude oil production, citing global shifts and increased competition for investment capital.
Komolafe stressed the urgent need to eliminate entry barriers and enhance the country’s appeal to investors. “We must work together to lower barriers and motivate investment,” he declared during a meeting with the Nigeria Content Development and Monitoring Board (NCDMB) Executive Secretary, Felix Ogbe.
Ogbe echoed the sentiment, emphasizing the importance of collaboration among petroleum agencies to sustain industry growth.
He highlighted the crucial role of teamwork in creating an investor-friendly environment, fostering employment, and addressing insecurity.
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To tackle concerns hindering investments, both agencies plan to organize workshops, recognizing that the success of local content development hinges on a flourishing oil and gas sector.
Additionally, Ogbe’s commitment extends to cooperation with the National Insurance Commission, where he pledged collaboration to operationalize joint regulations issued in June 2022.
This move aims to encourage Nigerian oil and gas companies to support local insurance firms. The NUPRC affirmed its dedication to partnering with NCDMB to achieve planned 2024 programs, underscoring the collective effort needed to revitalize Nigeria’s oil industry.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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