From Femi Folaranmi, Yenagoa
The Federal Government has reaffirmed its commitment to positioning Nigeria as the marketing hub for refined petroleum products across West Africa.
This was disclosed on Friday by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri during his keynote address at the West African Refined Fuel Market Conference organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Speaking at the conference themed: “Creating a West African Reference Market for Oil & Gas Products,” the minister highlighted the government’s strategic drive to support refiners, marketers, and regulators in creating an enabling environment for seamless trading within the region.
“Our ambition is to ensure Nigeria becomes the centre of refined product marketing in West Africa. That is why we are giving continuous support to our refiners and stakeholders to stimulate growth and create a world-class trading ecosystem,” Lokpobiri stated.
He noted that the government’s efforts to boost the midstream and downstream sectors are complemented by sustained progress in the upstream segment.
“We are witnessing considerable growth across the value chain, and this is no coincidence. It is the result of deliberate policy interventions,” he added.
The minister further commended President Bola Ahmed Tinubu for the bold step in removing fuel subsidy, describing it as a catalyst for downstream sector growth.
“The removal of petroleum subsidy is already triggering expansion in the market and encouraging private sector investment,” Lokpobiri affirmed. While applauding indigenous operators in the refining space, the minister called on both local and international investors to seize the opportunity to invest in Nigeria’s refining sector.
“By expanding our refining capacity, we won’t just meet domestic demand, we will service the entire West African market and beyond,” he stressed.
Leave a comment