Oil, gas stakeholders task new regulators on accurate production data, domestic refining
By Yunus Yusuf
Lagos, – Stakeholders in Nigeria’s oil and gas industry have urged the newly appointed leadership of the nation’s petroleum regulatory agencies to prioritise the publication of accurate, transparent and timely production data, describing it as critical to restoring investor confidence and strengthening sector governance.
The experts made the call in separate interviews in Lagos onFriday, as part of agenda-setting expectations for the new management of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
President Bola Tinubu had on Dec. 15 appointed Mr Saidu Mohammed as Chief Executive Officer of the NMDPRA and confirmed Mrs Oritsemeyiwa Eyesan as Chief Executive Officer of the NUPRC.
Speaking on the expectations, Dr Ayodele Oni, Partner and Chair, Energy and Natural Resources Practice Group at Bloomfield Law Practice, said both regulators should jointly produce accurate monthly data to enhance transparency and policy effectiveness.
“I expect stronger support for local refiners and a more practical, lasting solution to the Domestic Crude Oil Supply Obligation challenge,” Oni said.
He added that the NUPRC under Eyesan should complete the ongoing licensing round and strengthen compliance and monitoring to curb fiscal leakages.
He said the NMDPRA should place greater emphasis on safety, environmental standards and effective downstream market regulation to guarantee fuel availability and quality.
Oni also urged the new leadership to consolidate gains recorded under the outgoing management where performance had been strong.
Similarly, the Chief Executive Officer of the Major Energies Marketers Association of Nigeria (MEMAN), Dr Clement Isong, commended the outgoing NMDPRA Chief Executive, Mr Farouk Ahmed, for successfully integrating the Petroleum Equalisation Fund Management Board (PEFMB), the Department of Petroleum Resources (DPR) and the Petroleum Products Pricing Regulatory Agency (PPPRA) into a single authority.
“That integration was no mean feat,” Isong said.
“Thereafter, the Authority managed the gradual deregulation of petrol pump prices in line with the Petroleum Industry Act, consulting constantly with industry stakeholders to prevent disruptions in the supply chain.”
He noted that the development of regulations through stakeholder engagement and the publication of monthly industry figures had significantly improved transparency in the sector.
Isong welcomed Mohammed to his new role, describing him as a seasoned professional with broad exposure across the oil and gas industry.
“We wish him every success and pledge our continued support as the Authority drives the development of the sector,” he said.
According to Isong, MEMAN believes that sustained investment in human capital—both technical and non-technical—particularly in safety, automation, customer service and business efficiency, would strengthen the NMDPRA’s regulatory effectiveness.
In a broader policy intervention, Dr Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), said domestic refining, energy sovereignty and production growth must define Nigeria’s new petroleum regulatory era.
Yusuf urged the new leadership to urgently refocus the sector on energy security, reduced import dependence and accelerated investment across the oil and gas value chain.
“In the downstream segment, the immediate priority should be strong and deliberate support for domestic refining,” he said.
“Government policy must clearly favour locally refined petroleum products and end the imbalance where imports compete with domestic products under unequal conditions.”
He stressed that fair competition could only exist when all operators function under the same regulatory, fiscal and operational environment.
Yusuf added that domestic refining should sit at the heart of the downstream regulator’s policy framework in line with the Federal Government’s Nigeria-First agenda.
“This is not merely about protecting investors,” Yusuf said.
“It is about safeguarding the long-term interests of the Nigerian economy—job creation, foreign exchange conservation, macroeconomic stability and export-oriented refining capacity.”
On the upstream segment, Yusuf said Nigeria must urgently raise crude oil and gas production by attracting new investments in both onshore and offshore assets.
“With the global energy transition accelerating, Nigeria must maximise the value of its hydrocarbon resources while the opportunity still exists,” he said.
He called on the NUPRC to prioritise production growth, investment facilitation and improved security, with a clear national objective of ramping up crude oil output to at least two million barrels per day through close collaboration with industry stakeholders.
“These priorities must define the strategic focus of Nigeria’s new petroleum regulatory leadership if the sector is to drive sustainable growth, industrialisation and long-term economic resilience,” Yusuf said.
