NUPRC urges indigenous producers to bridge talent gap, boost standards

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has sounded a crucial alarm regarding the future of our nation's oil and gas industry. While we celebrate the increasing dominance of indigenous players following the exit of international oil companies, this shift brings a profound responsibility. The NUPRC, through its Chief Executive Oritsemeyewa Eyesan, has highlighted a looming crisis not of dwindling reserves, but of a critical shortage of skilled professionals.

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One area I think we need to spotlight is human capital development. As the industry grows, there is a tendency toward default and if we allow that to fester, it will hurt all of us.

This is not merely an internal industry concern; it has far-reaching implications for Nigeria's global standing and investor confidence. As Eyesan rightly pointed out, global financiers assess Nigeria as a whole, not individual companies. A deficit in human capital capacity will inevitably tarnish our reputation and deter much-needed investment. The Independent Petroleum Producers Group (IPPG) is therefore charged with a vital mission: to urgently invest in human capital development and uphold the highest industry standards, mirroring the discipline historically shown by multinational operators.

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Because we are in a global market, the financiers are rating Nigeria; they are not rating companies, and if we do not bring our human capacity to par, then we will be creating a big problem for ourselves.

The NUPRC, under Eyesan's leadership, is committed to being a business enabler, offering regulatory support in line with President Bola Tinubu's economic agenda. The transition to a paperless system is just one example of the reforms aimed at improving efficiency and transparency. However, the onus is now on indigenous operators, particularly the IPPG, to rise to the challenge. The future growth and sustainability of Nigeria's vital oil and gas sector depend on their proactive commitment to developing local talent and ensuring robust corporate governance, as mandated by the Petroleum Industry Act 2021.

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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.