NMDPRA President, Ahmed applauds Tinubu’s decision to unlock petroleum sector

By Matthew Otabe, Abuja

The Chief Executive of Nigeria Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed has applauded President Ahmed Tinubu’s decisions to fully deregulate the industry, unify the foreign exchange

rates, and also for the many policy decisions to unlock the potentials of the petroleum sector.

He applauded president Tinubu for the growth and creation of wealth, employment and deepening the shared prosperity of the country.

Ahmed noted that the Nigerian Gas Vehicles (NGV) population is estimated at 30-50,000 over a year.

The Chief Executive, Ahmed made the disclosure while speaking at the inaugural Petroleum Industry Stakeholders Forum (PISF) held in Abuja on Friday. 

He said “The NMDPRA has supported the PCNGI which has over the last year, helped stimulate 186 new conversion centers 

increasing Nigeria’s conversion capacity by over 2500 percent . 

“These conversions alongside new buys have raised Nigeria Nigerian Gas Vehicles NGV population to an estimated 30-50,000 vehicles and trucks and it continues to grow daily. 

According to him, with over $400 million attracted for investment in 86 and 65 

new daughters & mother stations under construction respectively, Nigeria refueling capacity has therefore risen from 20 to 56. 

He stressed that the collaborative efforts of PCNGI NMDPRA and SON led to the development of standards and the Nigeria Gas Vehicle Monitoring 

System to ensure safety which is already in pilot phase, expected to be launched in 2025.

Speaking on the market operations, he noted that to further support the development of West African refined 

fuel market, the NMDPRA is partnering with the S&P Global Commodity Insights to organize a workshop targeted at creating a robust platform for regional collaborations among oil industry regulators, policy formulation, creation of a trading hub in West Africa and a more transparent West African pricing assessment and benchmarking.

He said ” in the refining sector, Nigeria is steadily reemerging as a major supply hub. The biggest single train refinery in the world, the Dangote Refinery, the four NNPCL refineries are gradually being streamed to ramp up production, our modular refineries are upscaling both in capacities, utilization and in numbers. 

“With these, Nigeria is already a net exporter of some petroleum products with the target of all petroleum commodities. 

In line with PIA provisions, the NMDPRA has implemented a gas pricing regime that supports the growth of gas supply, infrastructure and utilization projects.

On PIA the Chief Executive emphasized that NMDPRA has also enshrined transparency and accountability in its regulatory activities, and has progressively automated our processes to enhance efficiency.

He said “the Authority has enacted 20 regulations to give effect to PIA provisions. We have reviewed the Gas Transportation Network Code for improved access to natural gas and operationalized the MDGIF as a catalyst for gas infrastructure development and 

investments.

He applauded President Ahmed Tinubu’s decisions to fully deregulate the industry, unify the foreign exchange rates, and also for the many policy decisions to unlock the potentials of the petroleum sector thereby facilitating growth, creating wealth and employment towards deepening the shared prosperity of our country.