By Seun Ibiyemi
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to intensify efforts to unlock Nigeria’s crude oil reserves, attract investment and create more opportunities for businesses in the petroleum sector.
Lokpobiri made the call while reflecting on the achievements of the NUPRC at its 5th Anniversary Commemoration.
The minister recalled the challenges confronting the Commission when the President Bola Ahmed Tinubu administration assumed office, noting that NUPRC was only two years old at the time.
He said his guiding principle had been that the Commission should not be measured by the number of regulations it implemented, but by the number of businesses and investment opportunities it enabled.
According to him, five years after its establishment, the Commission can look back on significant achievements in advancing Nigeria’s upstream petroleum sector.
“NUPRC was then only two years old, and my guiding conviction was clear: the Commission would not be judged by the number of regulations implemented, but by the number of businesses enabled,” he said.
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Lokpobiri noted that Nigeria has vast crude oil reserves estimated at more than 37 billion barrels, stressing that resources left underground cannot translate into jobs, government revenue, investment or broader economic development.
He said the Federal Government, under the leadership of President Bola Tinubu, had continued to focus on creating an enabling environment for businesses, unlocking investment and making the petroleum sector more competitive.
The minister commended the NUPRC for its contributions to the development of the sector and charged the Commission to sustain the momentum.
He urged the regulator to focus on unlocking more oil production, enabling more businesses, accelerating investment and leveraging Nigeria’s strategic geographical location to attract greater capital into the country.
“Unlock more barrels, enable more businesses, accelerate investment, and leverage Nigeria’s strategic location to attract greater capital into our country,” Lokpobiri said.
The minister’s remarks come as the Federal Government continues to prioritise increased oil production and investment in the upstream sector as part of efforts to strengthen government revenues, energy security and economic growth.
