By Obiabin Onukwugha
The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Mrs. Oritsemeyiwa Eyesan, has stated that the Petroleum Industry Act, 2021, brought stability to Nigeri’as oil sector.
Eyesan stated this during a panel session at the ongoing Africa Oil Week taking in Accra, Ghana. Discussions at the session centered on the Africa Regulators and NOC Leadership debate.
According to Eyesan, the PIA provided better clarity and stability in the sector, especially for regulators and operators in Nigeria.
She said following the implementation of the PIA, Nigeria has now begun to see inflow of investments and an increase in production.
Eyesan, who is also the Chairperson, African Petroleum Regulators Forum, noted that in June 2026, crude oil production (excluding condensates) reached 1.56 mbpd, a 74-month high, as Nigeria met 104% of its OPEC quota.
“For African countries to witness investment inflows, regulators must remain flexible and continually assess where global capital is moving. Regulation cannot be static in a rapidly changing market,” Eyesan stated.
The NUPRC Chief Executive added that “Capital is mobile; the winning jurisdictions are those that combine certainty with adaptability.”
