The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, has said the Petroleum Industry Act (PIA) 2021 has provided greater clarity and stability in Nigeria’s oil and gas sector, helping to improve investor confidence and stimulate production.
Eyesan stated this while participating in a panel discussion on the “Africa Regulators and NOC Leadership” debate at the ongoing Africa Oil Week (AOW) in Accra, Ghana.
According to her, the delayed passage of the PIA had previously created uncertainty in the industry, but the enactment of the legislation has ushered in a more stable and predictable regulatory environment for both operators and regulators.
She said Nigeria had begun to witness increased investment inflows and higher crude oil production following the implementation of the PIA.
Eyesan noted that crude oil production, excluding condensates, reached 1.56 million barrels per day (mbpd) in June 2026, representing a 74-month high.
She added that the development enabled Nigeria to produce at 104 per cent of its Organisation of Petroleum Exporting Countries (OPEC) quota.
The NUPRC boss, who also chairs the African Petroleum Regulators Forum, stressed the need for African regulators to remain flexible and responsive to developments in the global investment landscape.
According to her, regulators must continually assess where global capital is moving and ensure that their regulatory frameworks remain attractive to investors.
“Regulation cannot be static in a rapidly changing market,” Eyesan said.
She emphasised that while regulatory certainty remains critical to attracting investment, jurisdictions must also possess the ability to adapt to changing market realities.
In her concluding remarks, Eyesan said: “Capital is mobile; the winning jurisdictions are those that combine certainty with adaptability.”
She urged African oil-producing countries to strike the right balance between regulatory stability and flexibility in order to compete effectively for global capital and unlock the continent’s petroleum potential.
