Senator Jarigbe Agom Jarigbe, representing Cross River North Senatorial District and Chairman of the Senate Committee on Gas, has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its implementation of the Petroleum Industry Act (PIA), saying the Commission has demonstrated that the legislation is one of the best pieces of legislation in the country.
Jarigbe made the declaration at the NUPRC’s 5th Anniversary celebration, themed “From Uncertainty to Stability: Unlocking the Next Phase of Investments,” held at the Congress Hall of the Transcorp Hilton, Abuja.
He noted that the stability achieved in the upstream Oil and Gas sector through the implementation of the PIA would serve as a foundation for attracting new investments and strengthening investor confidence in Nigeria’s petroleum industry.
“Stability is the foundation, but the next phase of investment is very important because after creating predictability, transparency and credibility, the investors will come in,” the senator said.
He further pointed to recent Final Investment Decisions (FIDs) as evidence that the sector is beginning to witness renewed investor confidence. “We can see that a few FIDs have been taken, like the Bonga Deep Water Project, the Ubeta Gas Project and many others. We have created an enabling environment through the NUPRC for the investors to come in, and I congratulate the Board, the Chief Executive of NUPRC and the staff who are very key to these developments,” Jarigbe said.
The lawmaker commended the Commission for its efforts in providing a more predictable and transparent regulatory framework, stressing that sustained implementation of the PIA would be critical to unlocking further investments in Nigeria’s upstream sector.
He also emphasised the need for stakeholders to build on the progress recorded so far, noting that increased investment would not only boost oil and gas production but also create opportunities for economic growth, employment and national development.
The anniversary celebration brought together key stakeholders in Nigeria’s oil and gas industry, including the Vice President, Kashim Shettima, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bashir Bayo Ojulari, and the Commission’s Chief Executive, Oritsemeyiwa Eyesan.
Source: Calitown, 6 October 2026.
