By Aminu Adamu Aminu
The restoration of hope for Nigerians and the effectiveness of the Petroleum Industry Act (PIA) in delivering tangible, evidence-based, and progressive reforms are no longer matters of doubt or mere sloganeering among Nigerians and residents. These are not empty campaign promises but the reality of a new political order—a game-changer reshaping narratives, particularly in the petroleum sector, where the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is championing transformative reforms.
What began two years ago, upon President Bola Ahmed Tinubu’s assumption of office, as an ambitious plan has evolved into a practical force, changing lives and transforming the nation with numerous tangible benefits.
President Tinubu’s administration has made significant strides in restoring hope to Nigeria’s oil and gas sector, fast-tracking the implementation of the PIA, and yielding measurable, positive results.
At the core of NUPRC’s reforms is an unwavering commitment to transparency, which has strengthened the PIA’s legal framework, leading to remarkable improvements in reporting obligations and host community provisions. These reforms, driven by strategic regulatory leadership and robust presidential backing, have significantly boosted oil production, steadily increasing Nigeria’s crude oil output to an all-time high exceeding 1.7 million barrels per day.
This achievement has restored investor confidence, attracting international oil companies (IOCs) back to Nigeria and encouraging direct foreign investment with renewed optimism. Through deliberate and proactive efforts, the NUPRC has fostered an environment of fruitful engagement and collaboration rooted in shared values.
This has enhanced the enforcement of improved metering systems, a decisive clampdown on oil theft, and the promotion of decarbonization. These initiatives reflect a forward-thinking agenda aligned with global standards and best practices, fostering international trade and reinforcing Nigeria’s energy independence.
The multifaceted positive impacts on Nigeria’s economy have stimulated growth, stabilized the exchange rate, and bolstered investor confidence, attracting foreign investment pledges totaling approximately $50.8 billion. An improved balance of trade has resulted in a trade surplus of about N3.42 trillion in the fourth quarter of 2024, alongside consistent GDP growth. This has led to increased revenue allocations to subnational governments and local government councils, enabling them to clear salary arrears and debts, improve citizen welfare, and invest in social services and infrastructure. These developments have further boosted economic growth and consolidated the administration’s gains.
The Renewed Hope agenda also seeks to resolve lingering industrial disputes, creating a more stable and attractive investment environment. This facilitates an energy transition aimed at ensuring the long-term sustainability of Nigeria’s oil and gas sector.
The notable increase in transparency, accountability, and efficiency within the industry has improved regulatory oversight and community engagement, fostering a more favorable and robust business environment. This is evident in the substantial investment pledges, including the aforementioned $50.8 billion in foreign investment commitments.
Beyond stabilizing the exchange rate, reducing inflation, and increasing government revenue, Nigeria’s Eurobond issuance in late 2024 attracted over $9 billion in orders—four times the subscription level—demonstrating strong investor confidence in the nation’s economy.
This success reflects a consistent commitment to policy continuity, inclusivity, stakeholder engagement, and a strong emphasis on maintaining transparency and accountability in the PIA’s implementation.
Given the critical role of these reforms in shaping Nigeria’s trajectory, concerted efforts have ensured a profound impact. The reforms have moved the country far from its pariah days, establishing transparent licensing rounds. Recent bid rounds and concession awards, such as the 57 Petroleum Prospecting License (PPL) awards in 2022, the 2022 Mini-Bid Round, and the 2024 Licensing Round, were executed with unprecedented transparency and competitiveness, drawing exceptional investor participation.
The pragmatic implementation of the PIA has also led to a strategic 28 Field Development Plans Initiative, securing $18.2 billion in investment commitments. This initiative is expected to unlock 1.4 billion barrels of oil and 5.4 trillion cubic feet of gas. Additionally, rig counts have risen significantly, from 8 in 2021 to 43 as of September 2025, signaling a substantial increase in exploration and production activities.
In the words of Engr. Gbenga Komolafe, Chief Executive of NUPRC, “With the Petroleum Industry Act as our foundation, reinforced by bold Presidential Executive Orders and transformative regulatory initiatives, we are not just opening our doors to investment; we are building a world-class upstream oil and gas environment that rewards ambition, innovation, and responsibility.”
Given this resolute determination, as demonstrated by the effective implementation of the PIA through the NUPRC, President Bola Ahmed Tinubu is undeniably steering Nigeria’s upstream petroleum sector in the right direction.
Aminu writes from Kaduna
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