The Federal Government has issued licences for nine modular refineries.
Chief Executive Officer, Nigerian Midstream and Downstream Petroleum Authority (NMDPRA), Farouk Ahmed, disclosed this at the 2024 Oil Trading & Logistics Africa Downstream Energy Week in Lagos.
He said the licences were issued under President Bola Tinubu’s administration in the past year.
Ahmed noted that Nigeria’s refining capacity has been increasing under the current administration, especially with the Dangote refinery coming on stream.
He further stated that apart from the nine modular refineries, seven licences were also issued to construct, and four licences to also operate modular refineries.
“Over the course of the last year, the NMDPRA has revised and consolidated its regulations through strategic industry stakeholder engagements with a view to streamlining the regulatory framework for ease of doing business and compliance.
“This is complemented by the issuance of relevant guidelines on automation for processes to strengthen regulatory clarity and enhance compliance.
“Our refinery sector has been expanding rapidly with the issuance of nine licences to establish, seven licences to construct and four licences to operate modular refineries,” he stated.
Ahmed acknowledged the leadership of Tinubu “in enhancing the investment environment of the mainstream industrial sector through the novel sectoral policies that have been in place in the last 18 months”.
He stated that the bold reforms of the president have transformed the sector into an attractive investment destination that supports profitability and viable business ventures in the oil and gas industries.
He said Nigeria will also boost its proposed domestic refining capacity leading to Nigeria becoming a net exporter of petroleum products.
“Indeed, the Nigerian petroleum industry collector has all the complements of enabling structures to facilitate its growth and success. The NMDPRA is fully committed to supporting all the reform initiatives of Mr President and the mainstream and downstream subsector through enhanced regulatory processes, including efficient issuance of licences, permits and provisions,” Ahmed added.
