Nigerias fuel supply is set to increase as the Federal Government, through the Nigerian Midstream and Downstream Petroleum Authority, (NMDPRA), has granted licenses to nine modular refineries, seven construction licenses, and four operational licenses.
The development was announced by the NMDPRA CEO, Farouk Ahmed, at the 2024 Oil Trading & Logistics Africa Downstream Energy Week, which was held in Lagos on Monday.
According to Ahmed, under President Bola Tinubus administration, Nigerias refining capacity has been expanding, particularly with the commencement of production by ?angote Refinery.
Over the course of the last year, the NMDPRA has revised and consolidated its regulations through strategic industry stakeholder engagements with a view to streamlining the regulatory framework for ease of doing business and compliance. This is complemented by the issuance of relevant guidelines on automation for processes to strengthen regulatory clarity and enhance compliance.
Our refinery sector has been expanding rapidly with the issuance of nine licences to establish, seven licences to construct and four licences to operate modular refineries, he stated.
The NMDPRA boss said the Presidents reforms have made the oil and gas industry an attractive investment opportunity, fostering profitability and successful economic endeavours.
According to him, Nigeria aims to produce 3 million barrels of crude oil per day and 10 billion standard cubic feet of gas per day for domestic use before the end of the administration.
