Regulators renew cooperation to spice up oil investments

The Nigerian Upstream Petroleum Regulatory Fee and the Nigerian Midstream and Downstream Petroleum Regulatory Authority have renewed efforts to boost regulatory effectivity and foster funding within the nation’s oil and gasoline sector, signalling a brand new period of cooperation between the 2 businesses.

A press release signed by Eniola Akinkuotu, Head of Media and Strategic Communication at NUPRC, confirmed that the renewed collaboration was formalised throughout a gathering held on the Fee’s company headquarters in Abuja on Thursday, January 8, 2026.

On the assembly, each businesses agreed to work extra carefully, nominating representatives from every organisation to deal with and resolve regulatory bottlenecks throughout the upstream, midstream, and downstream segments of the sector.

The purpose is to advertise investor confidence, streamline regulatory processes, and make sure the total development of the business.

The assertion learn, “The Nigerian Upstream Petroleum Regulatory Fee and the Nigerian Midstream and Downstream Regulatory Authority have taken important steps towards enhancing regulatory effectivity and inspiring investments in Nigeria’s oil and gasoline sector.”

To institutionalise the partnership, NUPRC and NMDPRA resolved to carry quarterly conferences. The common engagements are anticipated to strengthen communication, resolve challenges swiftly, and align regulatory approaches throughout the oil and gasoline worth chain.

Talking on the assembly, the Chief Government of NUPRC, Oritsemeyiwa Eyesan, emphasised the significance of synergy between the 2 businesses, noting that cooperation is important to the sector’s improvement.

“Whether or not we’re speaking in regards to the upstream, midstream, or downstream, we’re enablers for the business, and definitely, we all know that the business is the heartbeat of the nation’s financial system.

“So, we’re dedicated to making sure that issues work correctly and the business grows astronomically. We can not try this if we don’t work collectively as a result of, as everyone knows, generally there isn’t a positive line between upstream, midstream, and downstream. And if we aren’t working collectively, then that turns into an issue. So, I consider that this would be the starting of many extra interactions,” Mrs. Eyesan stated.

She described the assembly as a testomony to a renewed dedication, stating that each businesses are “placing forces collectively to make sure that the business grows.”

She additionally invited the NMDPRA Chief Government to the pre-bid convention for the continued licensing spherical at Eko Lodges and Suites in Lagos on January 14, 2026. The licensing spherical, which gives 50 oil and gasoline blocks, is anticipated to draw substantial home and overseas funding and bolster the nation’s hydrocarbon reserves.

Responding, the NMDPRA Chief Government, Saidu Aliyu Mohammed, highlighted the shared historical past of each businesses as offshoots of the previous Division of Petroleum Assets.

He referred to as for harmonious collaboration, emphasising that any variations needs to be resolved internally and amicably. “We should enhance this relationship between brother and sister businesses,” he stated.

The partnership marks a renewed dedication by NUPRC and NMDPRA to foster regulatory effectivity, enhance investor confidence, and drive long-term development in Nigeria’s oil and gasoline sector, promising tangible advantages for the nation’s financial system within the years forward.

Recall that President Bola Tinubu appointed Oritsemeyiwa Eyesan and Saidu Aliyu Mohammed in December 2025 following the resignation of the previous heads of NUPRC, Gbenga Komolafe, and NMDPRA ACE, Farouk Ahmed, who resigned their positions.