(Naija247news, Abuja, Feb. 26, 2025) – The Nigeria Gas Flare Commercialisation Programme (NGFCP) is set to unlock $2.5 billion in investment within the country’s oil and gas sector, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Thank you for reading this post, don't forget to subscribe!Speaking at the 2025 Nigeria International Energy Summit (NIES) in Abuja, Gbenga Komolafe, Chief Executive of NUPRC, highlighted the NGFCP’s potential to generate substantial revenue and create numerous jobs while promoting sustainability in Nigeria’s upstream operations.
Driving Sustainable Energy and Economic Growth
Komolafe emphasized that global energy transition necessitates embedding low-carbon strategies in Nigeria’s oil and gas industry.
“As the global focus shifts toward a low-carbon future, NUPRC is embedding sustainability into upstream operations, mitigating environmental risks, and protecting communities,” he stated.
He outlined key regulatory actions, including:
• Managing methane and greenhouse gas (GHG) emissions
• Fostering energy efficiency and carbon credits
• Promoting Carbon Capture Utilisation and Storage (CCUS)
• Enforcing Environmental, Social, and Governance (ESG) goals
Nigeria’s Upstream Oil and Gas Decarbonisation Forum
As part of its decarbonisation strategy, the NUPRC is set to host the first-ever Nigeria Upstream Oil and Gas Decarbonisation Forum in March 2025. The event will serve as a platform for stakeholders to discuss regulatory frameworks for carbon monetisation and emission reductions in the sector.
“This forum will provide an avenue for regulators, agencies, and global industry leaders to exchange insights on decarbonisation strategies,” Komolafe noted.
Expanding Nigeria’s Energy Security
The oil and gas industry accounts for 95% of Nigeria’s foreign exchange earnings and 70% of government revenue, making it central to economic stability.
Komolafe reiterated NUPRC’s commitment to increasing hydrocarbon reserves and domestic gas utilisation, ensuring that every Field Development Plan (FDP) includes gas delivery obligations to meet local demand.
Additionally, the commission plans to advance deep-water development, promoting offshore clusters to maximize production efficiency and reduce costs.
“Through regulatory excellence, collaboration, and visionary planning, NUPRC is guiding Nigeria toward a future defined by energy security, economic growth, and environmental responsibility,” Komolafe concluded.
