The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the Nigeria Gas Flare Commercialisation Programme (NGFCP) has the potential to unlock $2.5 billion in investment in the country’s oil and gas sector.
NUPRC’s Chief Executive Officer, Gbenga Komolafe, made this known on Wednesday during the African Upstream Forum at the 2025 Nigeria International Energy Summit (NIES) in Abuja.
Komolafe stated that the programme would not only attract massive investment but also generate significant revenue and create thousands of jobs.
“As the global focus shifts toward a low-carbon future, NUPRC is embedding sustainability into seven upstream operations, mitigating environmental risks and protecting communities,” he said.
“Key actions include: managing methane and GHG emissions; fostering energy efficiency and carbon credits, promoting investments in Carbon Capture Utilisation and Storage (CCUS) and enforcing Environmental Social and Governance (ESG) goals.
“Through the Nigeria Gas Flare Commercialisation Programme (NGFCP), approximately $2.5 billion in investment will potentially be unlocked, generating huge revenue, and creating a significant number of jobs.
“We have been deliberate in efforts at social inclusiveness for enhancing host community development.”
He highlighted key regulatory actions, including managing methane and greenhouse gas emissions, fostering energy efficiency and carbon credits, promoting investments in Carbon Capture Utilisation and Storage (CCUS), and enforcing Environmental, Social, and Governance (ESG) standards.
Nigeria’s first oil and gas decarbonisation forum to be held in March
The NUPRC CEO disclosed that the commission plans to host the first-ever Nigeria Upstream Oil and Gas Decarbonisation Forum in March 2025.
He explained that the forum is in line with the commission’s commitment to sustainable energy development, adding that it will bring together key stakeholders to discuss decarbonisation strategies and carbon monetisation in the Nigerian upstream sector.
“This platform will allow regulators, agencies, and companies across the globe to share valuable insights and experiences on decarbonisation,” he said, adding that the commission will also present its governance and regulatory framework for sustainable energy practices.
Commitment to strengthening energy security and gas infrastructure
Komolafe reaffirmed NUPRC’s dedication to increasing Nigeria’s hydrocarbon reserves and oil production while ensuring cleaner energy operations for enhanced revenue generation.
He said the oil and gas industry was contributing 95 per cent of foreign exchange earnings and 70 per cent to government revenue, boosting employment opportunities, and positioning Nigeria as a formidable leader in the global energy arena.
“At the heart of NUPRC’s efforts is the growth of Nigeria’s hydrocarbon reserves and production in a cleaner manner for enhanced revenue generation.
“In the short-term, we have set new benchmarks for oil and gas production and significantly strengthening the nation’s energy security,’’ he said.
- Komolafe also emphasized the commission’s commitment to boosting domestic gas utilisation and expanding gas infrastructure to meet rising local energy demands.
- He said that every Field Development Plan (FDP) must now include a firm commitment to fulfilling gas delivery obligations.
- He added that NUPRC will promote the creation of deep-water clusters to further advance deep-water oil development
