IEA Commends Nigeria’s Petroleum Industry Reforms Under PIA

The International Energy Agency (IEA) has praised Nigeria’s ongoing reforms in the upstream petroleum sector, highlighting the impact of the Petroleum Industry Act (PIA) 2021 in reshaping governance, improving transparency, and strengthening investor confidence.

During a courtesy visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) headquarters in Abuja, a high‑level IEA delegation led by Africa Programme Manager Rita Maderia commended the Commission’s efforts.

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Receiving the delegation, NUPRC Chief Executive Engr. Gbenga Komolafe explained that the PIA has created a predictable, rule‑based fiscal and regulatory environment that is attracting renewed investor interest. He noted that since the Act came into force four years ago, the Commission has developed and gazetted 17 regulatory instruments in collaboration with industry stakeholders. These instruments, he said, have reduced discretion, enhanced clarity, and fostered an enabling environment for capital inflows.

Komolafe stressed that the PIA provides a transparent, commercially viable, and investor‑friendly regulatory foundation. He reaffirmed the Commission’s commitment to sustaining regulatory certainty, deepening stakeholder confidence, and aligning Nigeria’s upstream sector with global best practices.

In her remarks, Maderia praised NUPRC’s integration of decarbonisation requirements into upstream project approvals, noting that embedding green strategies in Field Development Plans aligns with global financing expectations for low‑carbon projects.