The Nigerian presidency has nominated Oritsemeyiwa Eyesan as Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the national authority overseeing the upstream oil sector. The decision comes as Nigeria seeks to overhaul its regulatory environment to attract foreign investment and revive exploration activity, which has lagged in recent years.
An investment strategy driven by reform
The new regulatory framework is based on the implementation of the Petroleum Industry Act (PIA), passed in 2021, which aims to clarify licensing procedures and enhance predictability for investors. Earlier in December, the country launched a licensing round for 50 oil blocks—onshore, shallow water, deepwater and frontier—targeting $10bn in investment and an additional two billion barrels in reserves over the next decade.
The process, led by the NUPRC, is described as fully digital, with a streamlined online portal, lower entry costs, and broader access to geophysical data. The Commission states that the transparency rules mandated by the PIA will be strictly enforced.
International pressure and domestic urgency
Facing declining production and increasing regional competition, Nigeria is intensifying efforts to position itself as an attractive market. The country is also leveraging natural gas as a key asset. In December, 28 companies were granted permits under the Nigerian Gas Flare Commercialisation Programme, enabling them to capture 250 to 300 million standard cubic feet per day of previously flared gas, with 3 GW of power generation potential and $2bn in projected investment.
These actions form part of the Decade of Gas initiative, designed to accelerate monetisation of Nigeria’s gas resources while boosting both local and foreign participation. Authorities report that projects currently in the pipeline could result in over $8bn in final investment decisions in the near term.
Credibility challenge for the regulator
Nigeria’s oil sector has historically struggled with administrative delays, unclear approval processes, and unpredictable regulations, which have deterred capital inflows. Sector stakeholders believe regulatory stability is now the determining factor for investment, especially as emerging markets compete for limited capital.
The appointment of Oritsemeyiwa Eyesan is viewed as an effort to rebuild confidence, underpinned by stronger governance. The Commission will be expected to deliver tangible results in process efficiency, regulatory clarity, and investor engagement—both domestic and international.
