By Saidu Abubakar
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has released its four-year performance report, highlighting significant milestones in rig activity, investment attraction, and governance reforms.
From an emeritus perspective, these achievements deserve commendation — but also careful reflection, Professor Omowumi O. Iledare, PhD, FNAEE, SrFUSAEE, FEIN, Professor Emeritus of Petroleum Economics said in a statement.
The transformation of NUPRC since the enactment of the Petroleum Industry Act (PIA) 2021, he noted, represents a maturing institution asserting its autonomy and professionalism.
“The separation of policy, regulatory, and commercial roles is gradually yielding visible institutional order.
“A reported surge in rig count — from eight in 2021 to sixty-nine in 2025 — illustrates renewed investor activity and optimism. Yet sustainability, not statistics, is the true measure of success.”
The challenge ahead is converting this rig resurgence into consistent crude output growth, reserves replacement, and improved cost efficiency, Prof. Iledare added, saying that “Fiscal and governance indicators are also encouraging. Surpassing revenue targets by more than 80 percent in 2024 and approving nearly $40 billion in new Field Development Plans point to rising investor confidence.
“However, such figures must be sustained through policy consistency, transparent implementation, and credible performance monitoring. The Commission’s embrace of digital bid rounds, the “Drill-or-Drop” compliance policy, and gas-flare commercialisation are aligned with global best practices.
Equally notable, he continued, is the remittance of over N358 billion to Host Community Development Trusts, signaling a new phase of social accountability in Nigeria’s petroleum governance.
“The real test will be ensuring these funds translate into measurable improvements in welfare and security in producing communities. On the continental stage, NUPRC’s leadership in forming the African Petroleum Regulators Forum (AFRIPERF) demonstrates forward-thinking engagement, positioning Nigeria as a regional voice in hydrocarbon governance and energy transition dialogue. From an emeritus lens, therefore, the assessment is balanced: “NUPRC has provided regulatory stability, rekindled investor confidence, and demonstrated early signs of institutional maturity.”
According to the emeritus, the task now is to consolidate gains, deepen transparency, and entrench professionalism beyond personalities and politics. Performance, after all, is not just about what is achieved — it is about what endures and adds value across generations.
