The Nigerian Upstream Petroleum Regulatory Commission has announced that the Nigeria Gas Flare Commercialisation Programme is poised to unlock approximately $2.5 billion in investments within the country’s oil and gas sector.

This initiative aims to transform environmental challenges posed by gas flaring into substantial economic opportunities, generating significant revenue and creating numerous jobs.

NUPRC’s Chief Executive Officer, Gbenga Komolafe, made this disclosure during the African Upstream Forum at the 2025 Nigeria International Energy Summit in Abuja on Wednesday.

Komolafe stated that the Nigeria Gas Flare Commercialisation Programme would attract $2.5 billion in investment, generate significant revenue, and create thousands of jobs by transforming gas flaring challenges into economic opportunities.

“As the global focus shifts toward a low-carbon future, NUPRC is embedding sustainability into seven upstream operations, mitigating environmental risks and protecting communities.

“Key actions include: managing methane and GHG emissions; fostering energy efficiency and carbon credits, promoting investments in Carbon Capture Utilisation and Storage (CCUS) and enforcing Environmental Social and Governance (ESG) goals.

“Through the Nigeria Gas Flare Commercialisation Programme (NGFCP), approximately $2.5 billion in investment will potentially be unlocked, generating huge revenue, and creating a significant number of jobs.

“We have been deliberate in efforts at social inclusiveness for enhancing host community development,” he said.

He outlined key regulatory measures such as controlling methane and greenhouse gas emissions, enhancing energy efficiency and carbon credits, encouraging investments in Carbon Capture Utilisation and Storage, and enforcing Environmental, Social, and Governance standards.

The NUPRC CEO announced plans to host the inaugural Nigeria Upstream Oil and Gas Decarbonisation Forum in March 2025.

He stated that the forum aligns with the commission’s commitment to sustainable energy development and will unite key stakeholders to discuss decarbonisation strategies and carbon monetisation in the upstream sector.

“This platform will allow regulators, agencies, and companies across the globe to share valuable insights and experiences on decarbonisation,” he added.

Komolafe reiterated NUPRC’s commitment to expanding Nigeria’s hydrocarbon reserves and oil production while promoting cleaner energy operations for increased revenue.

He noted that the oil and gas sector accounts for 95% of foreign exchange earnings and 70% of government revenue, driving job creation and strengthening Nigeria’s position as a global energy leader.

“At the heart of NUPRC’s efforts is the growth of Nigeria’s hydrocarbon reserves and production in a cleaner manner for enhanced revenue generation.

“In the short-term, we have set new benchmarks for oil and gas production and significantly strengthening the nation’s energy security,’’ he noted.

Komolafe also stressed NUPRC’s commitment to enhancing domestic gas utilization and expanding gas infrastructure to meet growing local energy needs.