The Federal Government has reiterated its commitment to positioning Nigeria as the marketing hub for refined petroleum products across West Africa. FG recently highlighted its strategic drive to support refiners, marketers, and regulators in creating an enabling environment for smooth trading within the region.
Speaking at the West African Refined Fuel Market Conference organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said that Nigeria’s current ambition is to become the home of refined petroleum products in the coming years.
According to him, refiners and stakeholders will get the required support to guarantee the creation of a top-class trading ecosystem in the near future.
“That is why we are giving continuous support to our refiners and stakeholders to stimulate growth and create a world-class trading ecosystem.
We are witnessing considerable growth across the value chain, and this is no coincidence. It is the result of deliberate policy interventions,” he said.
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Lokpobiri further hailed President Bola Ahmed Tinubu for being bold enough to remove fuel subsidy, stressing that his decision has been a catalyst for downstream sector growth.
He concluded by calling on both local and international investors to seize the opportunity to invest in Nigeria’s refining sector before it is too late.
“The removal of petroleum subsidy is already triggering expansion in the market and encouraging private sector investment.
By expanding our refining capacity, we won’t just meet domestic demand, we will service the entire West African market and beyond,” he added.
