NUPRC PUSHES FOR SWIFT COMPLETION OF ABUJA HEADQUARTERS TO ATTRACT OIL INVESTMENTS

The Nigerian Upstream Petroleum Regulatory Commission has called for the speedy completion of its proposed permanent headquarters in Abuja, saying the facility will improve the agency’s efficiency and strengthen Nigeria’s attractiveness to investors in the oil and gas sector.

The proposed headquarters, known as “The Barrel,” is a 10-storey building located in Abuja’s Central Business District. The facility is designed to accommodate between 900 and 1,000 workers and was initiated in 2020 but remains unfinished.

The Chairman of the NUPRC Board, Senator Magnus Abe, made the call during an inspection of the proposed headquarters, expressing concern that the commission’s current operations from different locations across the Federal Capital Territory could create a poor impression among international investors.

Abe said it was embarrassing for major oil and gas companies coming to Nigeria to discuss investments worth billions of dollars to meet the industry regulator operating from a block of flats and then have to move around Abuja to interact with different departments.

He argued that completing the permanent headquarters would provide a central location for the commission’s operations and engagements with industry stakeholders, while also projecting greater confidence in Nigeria’s petroleum sector.

According to the NUPRC board chairman, the facility would not only improve the commission’s efficiency but also serve as a symbol of Nigeria’s commitment to developing a more organised and investor-friendly oil and gas industry.

Abe also commended President Bola Tinubu for what he described as strong policy support and clarity in the upstream petroleum sector. He said recent government policies were already contributing to increased investment activity in the industry.

He added that the renewed investments were creating employment and business opportunities, supporting development in host communities and increasing revenue for the government.

The NUPRC Chief Executive, Oritsemeyiwa Eyesan, also urged the contractor handling the project to accelerate construction and ensure that the building is delivered by the first quarter of 2027.

The Managing Director of Julius Berger Nigeria Plc, Peer Lubasch, assured the commission that efforts would be made to meet the proposed completion timeline.

The completion of the headquarters is expected to centralise NUPRC operations and make it easier for local and international oil companies to engage with the regulator.

The commission believes that a modern and fully operational headquarters would enhance its institutional image while supporting Nigeria’s broader efforts to attract fresh investments into the upstream petroleum sector.