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NUPRC unveils corporate and regulatory strategic plan

THE Nigerian Upstream Regulatory Commission (NUPRC) on Tuesday unveiled a strategic plan which would act as a roadmap to guide the organization’s activities and propel it towards a future of growth and success. 

Engr. Gbenga Komolafe, the Commission Chief Executive, who unveiled the plan in Abuja, said it was a significant milestone in the organization’s journey as it repositions to diligently pursue its mandate in line with the prescriptions and expectations of the Petroleum Industry Act (PIA), 2021. 

Disclosing that a dedicated team had been working tirelessly over the past months to develop a comprehensive strategy that reflects the Commission’s collective vision for the next decade, Komolafe explained that the document outlines steps NUPRC will take to position itself as a leading regulatory body, fostering a thriving upstream sector that drives economic growth and ensures the sustainable development of Nigeria’s natural resources. 

“The strategy document encompasses key aspects that will drive our success. We have identified several core focus areas that will enable us to optimize value creation, diversify revenue resources, enhance stakeholder relationships, ensure regulatory compliance, attract investors, enhance transparency, improve operational efficiency, enhance resource management, foster enhanced internal collaboration, improve our organizational culture, strengthen our workforce, and optimize the use of technology. These aspects serve as the pillars on which our strategy is built, guiding our actions and initiatives moving forward. 

“The development strategy consists of three phases which was guided by four key considerations: the PIA and global best practice, value creation, effective operating model, and people. 

“Phase 1 involved conducting an internal and external assessment of the Commission to determine its standing compared to other global regulators and industry trends. This included a PESTLE (Political, Economic, Social, Technological, Legal and Environmental) analysis of the oil and gas environment, benchmarking the Commission’s activities and performance against other notable oil regulators, and conducting interviews and surveys with NUPRC management and staff. 

“In Phase 2, a 3-day strategy retreat was held, bringing together local and international regulatory strategy experts, NUPRC executives, and top-level management. During this retreat, the Commission’s Vision, Mission, and Core Values were developed, along with strategic objectives and initiatives. 

“In Phase 3, the initiatives were further reviewed and validated by the departments to ensure completeness before being approved by the Board. The NUPRC Corporate and Regulatory Strategy was subsequently approved by the Board for implementation across the organization. 

“We have already embarked on significant actions that demonstrate our commitment to excellence. For instance, we have redesigned our organizational structure to ensure effective alignment and streamlined operations. We have also implemented a new employee corporate policy, replacing the CPPG, to provide clear guidelines and standards for our workforce. Our updated work processes are now well documented, with areas needing inter-departmental collaborations identified. Furthermore, we have undergone a comprehensive rebranding, including a redesign of our brand and logo, to reflect our renewed vision and commitment. Additionally, we have embraced a new way of working that promotes innovation, collaboration, and efficiency throughout our organization. 

“At the heart of our strategy lies a set of core values that will serve as our guiding principles. These values are Professionalism, Responsiveness, Ownership, and Integrity. Allow me to emphasize the significance of each value and how it will shape our organization’s culture and operations.

“Professionalism: As Staff of the NUPRC, we are entrusted with the responsibility of regulating the upstream sector with the utmost professionalism. We will uphold the highest standards of expertise, competence, and ethical conduct. By embodying professionalism, we inspire confidence in our stakeholders, promote best practices, and contribute to the overall growth and stability of the industry. 

“Responsiveness: In a rapidly evolving sector, the ability to adapt and respond swiftly to change is crucial. Our strategic plan places a strong emphasis on responsiveness. We will actively engage with our stakeholders, including industry players, government agencies, and the public, to understand their needs, concerns, and aspirations. By being responsive, we can address challenges promptly, anticipate emerging trends, and proactively shape policies that promote the sector’s sustainable development. 

“Ownership: Ownership is a fundamental value that empowers us to take responsibility for our actions and decisions. Each one of us, regardless of our roles, will take ownership of our work, projects, and the overall success of the Commission. We will foster a culture of accountability, where initiative, innovation, and a sense of pride are encouraged with a good reward system. By embracing ownership, we can drive positive change, promote efficiency, and deliver on our mandates with excellence. 

“Integrity: Integrity is the bedrock of our organization. It encompasses honesty, transparency, and ethical behaviour. As we move forward, we commit to upholding the highest standards of integrity in all our dealings. We will conduct ourselves with fairness, impartiality, and a strong sense of ethics. By demonstrating unwavering integrity, we build trust among stakeholders, strengthen our credibility, and foster a culture of trust and collaboration. 

“The unveiling of this strategy plan represents a significant milestone in our journey towards excellence. It outlines our goals, strategies, and actions that will shape our future. But it is not just a document; it is a call to action, an invitation for every one of us to contribute to the realization of our vision and the accomplishment of our mission which is to promote sustainable value creation from Nigeria petroleum resources for shared prosperity. 

“Together, let us unite our efforts, leveraging our expertise, skills, and unwavering dedication to propel the NUPRC to new heights. Our vision of becoming Africa’s leading regulator is within reach, and it is through our collective commitment to our core values that we will achieve this distinction. 

“Therefore, we should seize this opportunity to make a lasting impact, to shape an upstream sector that reflects our values, and to position Nigeria as a globally competitive player. Together, we can achieve remarkable milestones, realizing the full potential of our resources and driving sustainable development for the benefit of our nation and its people. 

“The strategic plan we present today is not merely a set of goals and targets; it is a testament to our collective dedication to the development of the Nigerian upstream sector. It is an invitation for each one of us to embrace our roles as catalysts for progress, advocates for responsible resource management, and champions of Nigeria’s economic growth. 

“I would also like to highlight a vital aspect of this document that ensures its relevance and adaptability. This strategy plan is not cast in Iron, but rather a living dynamic blueprint that will be reviewed and updated periodically; recognizing the ever-changing landscape of our industry and the need to stay ahead of emerging trends. 

“We understand that our success lies in our ability to remain agile, responsive, and proactive in the face of evolving challenges and opportunities. To that end, we are committed to conducting review of our strategy plan every two years. This review process will provide us with an opportunity to evaluate our progress, reassess our goals, and ensure that our strategies align with the shifting needs of the industry and the aspirations of our stakeholders. 

“I have unwavering faith in our abilities and commitment to professionalism, responsiveness, ownership, and integrity. Let this strategic plan be the compass that guides us towards a future of success, impact, and prosperity. “

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