Investor trust in Nigeria’s oil industry has returned – Lokpobiri on the NUPRC regulatory success

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According to Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), investor trust in Nigeria’s oil industry has returned.

This comes as Lokpobiri praised the regulatory accomplishments of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) during the past four years.

When the NUPRC Chief Executive paid the minister a visit on Tuesday, he revealed this.

In accordance with the Petroleum Industry Act (PIA), 2021, the Minister praised NUPRC for reviving confidence in upstream operations, which he claimed is demonstrated by the growing number of rigs.

Lokpobiri said, “Let me take the opportunity to congratulate you (Komolafe) and members of the team for an excellent job over the last four years.“

The head of the NUPRC praised the minister for his guidance and assistance in the Commission’s regulatory efforts.

“Honourable Minister, we have done this diligently in collaboration with my team. We have been able to record a number of high-impact achievements, restore investors’ confidence and stabilise the industry regulatory-wise,” he stated.

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