Nigerian Government Reaffirms Commitment To Full Deregulation Of Downstream Petroleum Sector

The Nigerian government says it remains committed to the full deregulation of the downstream petroleum sector in line with the content of the petroleum industry act.

Chief authority officer, Nigerian midstream and downstream petroleum regulatory authority farouk Ahmed made the disclosure at the opening of the 17th oil trading and logistics expo in Lagos where he disclosed that the petroleum industry act has not only paved the way to drive development in the downstream sector, but has also helped to guarantee stability in the supply chain.

The chief authority officer further who noted that the focus of the new administration is to ensure energy security, efficiency in the distribution value chain, also noted that recent data after deregulation clearly shows that fuel sufficiency is gradually being sustained.

In his welcome address, Adetunji Oyebanji who is the chairman OTL downstream week, said the gathering which entered it’s 17th edition this year, affords participants yet another opportunity to share thoughts and adopt pair review mechanism that is needed to drive development in the downstream sector of the petroleum industry.

Oyebanji while acknowledging the challenges currently being faced by the energy sector, going by the changes in the global dynamics, expressed confidence, that the downstream sector still has a long life span, even in the face of the global push from fossil fuel to renewable energy .

Energy experts from across the world are chatting a new path for the downstream petroleum sector in the three day dialogue which comes to a close on the 26th.