Nigeria don start serious talk with Bank of America to boost oil production and attract more investment inside the country oil and gas sector.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, meet with Chuba Ezenwa, wey be Managing Director for Investment Banking, Sub-Saharan Africa, Bank of America, for Abuja.
According to NUPRC spokesperson, Eniola Akinkuotu, the meeting na part of plan to work with big international banks to close the funding wahala wey dey slow down oil exploration and production for Nigeria.
Komolafe talk say the move dey follow the Petroleum Industry Act (PIA) 2021 wey give NUPRC power to promote investment and develop local content for the oil sector.
He add say even though Nigeria oil production don improve small, money matter still be big challenge for many oil companies. “Nigeria get plenty crude oil, but we need more funding to produce better. With Bank of America, we wan find ways to grow investment and keep production strong,” he talk.
Government dey target 1.8 million barrels per day to match OPEC quota and attract $20 billion new investment before 2030.
Ezenwa, from Bank of America, hail NUPRC and Komolafe for the progress wey don show small improvement for oil production. “We happy with the reforms wey una dey do, and Bank of America go continue to support Nigeria,” he talk.
