NMDPRA unveils strategic roadmap to drive Nigeria’s petroleum industry growth

By Seun Ibiyemi

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reiterated its commitment to fostering growth, sustainability, and investment in the petroleum sector during the inaugural meeting of the Petroleum Industry Stakeholders’ Forum (PISF).

In his address, the Authority’s Chief Executive, Farouk A. Ahmed, emphasised that the PISF provides a critical platform for periodic engagement with stakeholders, aiming to address industry challenges, formulate effective policies, and enhance regulatory efficiency.

“The PISF will help resolve disputes quickly, avoid costly litigations, and create a competitive investment environment in line with the Petroleum Industry Act (PIA) 2021,” Ahmed stated.

Reflecting on the sector’s recent achievements, Ahmed acknowledged President Bola Tinubu’s leadership in fully deregulating the industry, unifying foreign exchange rates, and implementing policies that unlock the petroleum sector’s potential. He also praised the contributions of the Honourable Ministers of State for Petroleum Resources and other key players in advancing energy security, revitalising midstream and downstream infrastructure, and promoting the use of natural gas.

Ahmed highlighted several key milestones, including the end of fuel shortages during festive periods, the growth of domestic refining capacity with the Dangote Refinery and NNPCL plants, and the expansion of Nigeria’s compressed natural gas (CNG) market.

“Over $400 million has been attracted for investment in new fueling stations, while CNG vehicle conversion centres have increased Nigeria’s conversion capacity by over 2,500%,” he said.

The NMDPRA Chief Executive also underscored efforts to enhance consumer protection, promote transparency, and support the Decade of Gas initiative, which aims to industrialise the country through natural gas.

However, Ahmed pointed out several challenges, including the operation of unauthorised petroleum handling facilities and limited cooperation among industry operators.

Looking ahead, he outlined the NMDPRA’s plans to upgrade its laboratories for improved product quality analysis, expand interagency collaborations, and accelerate the deployment of CNG infrastructure in key cities such as Lagos and Abuja.

Ahmed concluded by reaffirming the authority’s dedication to fostering a competitive and sustainable petroleum industry, urging stakeholders to comply with regulations and collaborate to achieve the sector’s full potential.

The inaugural PISF has set the tone for enhanced partnerships and innovative solutions, positioning Nigeria’s energy sector for further progress.

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