The deregulation of the downstream sector would increase transparency in the downstream sector of the petroleum industry, the Permanent Secretary, Ministry of Petroleum Resources, Mr Gabriel Aduda, has said.
Mr Aduda said full deregulation would also create healthy competition among investors.
Represented at the 16th Oil Trading and Logistics Expo in Lagos with the theme: “Regulating Downstream Energy Transition in Dynamic Times,” by Mr Augustine Okwudiafor, the Deputy Director, Downstream Department, Federal Ministry of Petroleum Resources.
He said deregulation would give business guarantee to investors at the stage of conceptualisation.
He said, “All hands are on deck towards full deregulation of the downstream sector, as this will ensure commercialisation and liberalisiation of the sector.
“It will also increase investment opportunities, create more jobs and promote seamless energy transition.
“All these measures and many more will cushion the projected impact of downstream sector deregulation on consumers and the economy at large,” he said.
He further said data was key in the Oil and Gas Industry, and that reliable and accurate data would give investors a certain level of assurance.
“Hence, the government is keen and determined to harmonise all downstream data across the relevant agencies and parastatals to eradicate data variations.
“Government, through the Ministry of Petroleum Resources, its agencies and Federal Ministry of Science and Technology, is considering enhanced technologies.
“They include Machine Learning (ML), Artificial Intelligence (AI) to monitor and gather downstream data for effective policy formulation and investment guidance,” he said.
