…urges new regulators to prioritise domestic refining, production growth
By Seun Ibiyemi
The Centre for the Promotion of Private Enterprise (CPPE) has commended President Bola Ahmed Tinubu for resetting Nigeria’s petroleum regulatory architecture with the appointment of new Chief Executive Officers for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
In statement signed by the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf stated that the private-sector advocacy group said the appointments present a strategic opportunity to reposition Nigeria’s oil and gas regulatory environment in line with the administration’s commitment to energy sovereignty, energy security, self-reliance and accelerated production growth.
CPPE stressed that the new leadership of the petroleum regulatory institutions must urgently refocus sector priorities on reducing import dependence, expanding domestic capacity and catalysing investment across the entire oil and gas value chain.
According to CPPE, domestic refining must become a non-negotiable priority in the downstream segment. It called on the Federal Government to adopt policies that clearly favour locally refined petroleum products through targeted fiscal, regulatory and infrastructural support for both public and private refineries, while actively encouraging new investments in refining capacity.
The group warned that Nigeria must end the current situation where imported petroleum products compete with locally refined products under unequal regulatory and fiscal conditions, noting that such an arrangement does not amount to fair competition.
“Genuine competition only exists when all operators function within the same policy, tax and regulatory environment,” CPPE said, adding that the NMDPRA should place domestic refining at the centre of its policy framework in line with the President’s Nigeria-First policy and industrialisation agenda.
CPPE noted that strengthening domestic refining is not only about protecting investors but also about safeguarding Nigeria’s long-term economic interests. It said a strong local refining base is critical for job creation, foreign exchange conservation, macroeconomic stability and the development of export-oriented refining capacity.
The organisation further highlighted domestic refining as a major pathway to backward integration and resource-based industrialisation, stressing that support for refineries would strengthen Nigeria’s petrochemical, fertiliser and allied industries, thereby creating broader industrial value chains that drive inclusive growth.
On the upstream segment, CPPE urged the new leadership of the NUPRC to anchor its agenda on production growth, investment facilitation and improved security. It said Nigeria must urgently ramp up crude oil and gas production by implementing policies that attract fresh investments across onshore and offshore assets, especially as the global energy transition accelerates.
The group called for a clear national objective of raising crude oil output to a minimum of two million barrels per day through close collaboration with industry stakeholders, while also expanding investment in gas production.
It also stressed the importance of enforcing compliance with domestic crude supply obligations to local refineries, noting that these strategic imperatives must define the direction of Nigeria’s new petroleum regulatory leadership if the sector is to drive sustainable growth, industrialisation and long-term economic resilience.