Nigeria is accelerating its oil and gas production with fiscal reforms that open investment opportunities across the industry.
Engr. Ahmed Farouk, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), highlighted the sector’s transformation during the 2024 Oil Trading and Logistics (OTL) Expo in Lagos.
With support from top presidential advisors and ministers, Nigeria aims to reach daily crude oil production of 3 million barrels and boost domestic gas use to 10 billion cubic feet per day.
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The reforms are positioning Nigeria as a net exporter, with the NMDPRA approving refinery licenses, notably for the Dangote Petroleum Refinery, now producing premium motor spirit (PMS).
Farouk emphasized enhanced regulatory frameworks, automation, and regional partnerships, along with initiatives like the Decade of Gas program.
Plans also include a uniform gas transportation code and the establishment of an Africa Energy Bank.
Supporting sustainability, NMDPRA promotes compressed natural gas (CNG) as a vehicle fuel and affordable cooking gas access, aiming for an industrialized and energy-secure Nigeria.
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