The Centre for the Promotion of Private Enterprise (CPPE) has commended President Bola Tinubu for resetting Nigeria’s petroleum regulatory framework with the appointment of new Chief Executive Officers for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
In a statement signed by the Chief Executive Officer, Dr Muda Yusuf, CPPE described the appointments as a strategic opportunity to reposition Nigeria’s oil and gas regulatory environment in line with the administration’s goals of energy sovereignty, energy security, self-reliance and accelerated production growth.
The private sector think tank said the new leadership of the regulatory agencies must urgently refocus sector priorities on reducing Nigeria’s dependence on imported petroleum products, expanding domestic capacity and stimulating investment across the entire oil and gas value chain.
According to CPPE, domestic refining should be a top and non-negotiable priority for the downstream sector.
The organisation called on the government to clearly favour locally refined petroleum products through targeted fiscal, regulatory and infrastructural support for both public and private refineries, while also encouraging fresh investments in refining capacity.
The group warned that allowing imported petroleum products to compete with locally refined products under unequal regulatory and fiscal conditions amounted to market distortion and unfair competition.
It stressed that genuine competition can only exist when all operators are subject to the same policy, tax and regulatory framework.
CPPE said the NMDPRA must place domestic refining at the centre of its policy direction, in line with the President’s Nigeria-First agenda and broader industrialisation objectives.
The statement noted that strengthening domestic refining capacity is critical for job creation, foreign exchange conservation, macroeconomic stability and the development of export-oriented refining capacity.
Dr Yusuf also highlighted the wider industrial benefits of domestic refining, noting that it supports backward integration and resource-based industrialisation by strengthening petrochemical, fertiliser and other allied industries.
On the upstream segment, CPPE urged the NUPRC to anchor its agenda on boosting crude oil and gas production by implementing policies that attract new investments across onshore and offshore assets. It said this was particularly important as the global energy transition accelerates, adding that Nigeria must maximise the value of its hydrocarbon resources while the opportunity remains.
The group called for improved security, stronger investment facilitation and close collaboration with industry stakeholders, with the objective of increasing crude oil production to at least two million barrels per day. It also stressed the need to expand gas production and ensure strict compliance with domestic crude supply obligations to local refineries.
CPPE stressed that these strategic priorities must define the direction of Nigeria’s new petroleum regulatory leadership if the oil and gas sector is to drive sustainable growth, industrialisation and long-term economic resilience.
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