Weak Capacity Bane Of   Nigeria’s Rating, NUPRC Warns Indigenous Oil  Companies 

The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has warned indigenous oil producers that weak human capital and poor compliance with industry standards could undermine Nigeria’s global competitiveness and investor confidence.

Commission Chief Executive, Oritsemeyiwa Eyesan, issued the warning during a meeting with the Independent Petroleum Producers Group in Abuja, urging operators to raise performance benchmarks in line with international standards.Maps

“As the industry grows, there is a tendency of default and if we allow that to fester, it will hurt all of us,” Eyesan said. “Because we are in a global market, the financiers are rating Nigeria; they are not rating companies.”

She stressed that the shift from international oil companies to indigenous operators places greater responsibility on local firms to uphold strong governance and technical capacity.

“One area we need to spotlight is human capital development, if we do not bring our human capacity to par, then we will be creating a big problem for ourselves,” she added.

Eyesan further challenged the IPPG to enforce discipline among its members, drawing parallels with the operational standards of multinational oil firms.

“As a pressure group, you should hold yourselves to a standard. I think that is one of the things the IOCs have done very well,” she said.

The NUPRC boss also reaffirmed the Commission’s commitment to enabling business growth under the Petroleum Industry Act, while revealing that the agency has fully digitised its internal processes.

“We are happy to announce that… we went paperless, and everybody collaborated to make it happen,” she said, noting that digital transformation would improve efficiency and transparency.

Responding, IPPG Chairman, Engr. Adegbite Falade, praised the regulator’s leadership, saying recent reforms have begun to reposition the industry.

“You have not been here for long, but the signs are very clear as to your dynamic leadership,” he said. “You can always count on and trust that the Nigerian agenda is at the heart of our mandate.”

The push for higher standards, SweetCrude Reports noted, comes at a critical time as indigenous firms take on larger roles in Nigeria’s upstream sector following asset divestments by international oil companies.