The midstream sector has been identified as the area where the growth of the Nigerian economy is domiciled as other sectors can be propelled from there.
The Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Alhaji Saidu Mohammed stated this at the end of a three day tour of some facilities in Rivers state to ascertain the availability of the critical infrastructure of the midstream and downstream sector.
The three day tour revealed a lot of improvement in the sector in the area of Nigerian content sustenance and the proper functioning of market forces leading to improved efficiency across the downstream sector thereby allowing the continuous decline in the prices of petrol, diesel and Liquefied Petroleum Gas (LPG).
The Authority’s Chief Executive of NMDPRA, Mr Saidu Mohammed, while inspecting Aradel Holdings Plc facilities in Ogbele community, Ahoada East Local Government Area of Rivers State said the goal is to have the value chain of the oil and gas being run by Nigerians.
According to Alhaji Mohammed, Nigerians are gradually moving towards affordable energy and the NMDPRA will do all necessary enablers for the companies to function properly.
The NMDPRA chief said Nigeria’s ambition extends beyond local consumption to exporting petroleum products to Africa, Europe and the Americas.
Alhaji Mohammed noted that President Bola Tinubu supports a free-market economy, recalling that subsidy removal was the president’s first major policy decision.
Earlier, the chief executive Aradel Holdings, Mr Adegbite Falade, while thanking the NMDPRA for its regulatory support and confidence in operators, said the company remained committed to expanding refining capacity, commercialising gas and eliminating routine gas flaring.
Mr Falade maintained that the company aims to be part of the long-term solution to Nigeria’s energy supply challenges.
