The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has assured Nigerians that it is working tirelessly to ensure adequate gas supply at affordable prices across the country. CEO Saidu Mohammed stated this during a tour of midstream oil and gas facilities in Port Harcourt, Rivers State.
Mohammed emphasized that the goal is to achieve ample supply, which would lead to lower prices, citing the example of PMS prices dropping from N1,000 to N800 due to competition. He attributed this to the NMDPRA’s efforts to promote competition and remove subsidies, stating, “the more supply you have, the lesser the price it becomes.”
The NMDPRA is partnering with private and government firms to achieve this goal, with a focus on the midstream sector, which Mohammed believes holds the key to Nigeria’s economic growth and industrialization. He commended Nigerian indigenous oil and gas firms, such as Aradel Holdings Plc, for their investment strides in the energy sector.
Mohammed highlighted the need for significant investments, estimating $30 billion to $50 billion required for the midstream oil and gas sector. He emphasized that the NMDPRA is committed to creating an enabling environment for private sector investment, stating, “as a regulator, what we will do is to make sure that we lay down the desired enablers for them to operate and attract the investment that Nigeria needs.”
The NMDPRA’s efforts aim to promote economic growth, create jobs, and ensure Nigeria becomes a major player in the global energy market. With the Dangote refinery and other initiatives, Mohammed is optimistic about Nigeria’s potential to supply petroleum products to Africa and beyond.
