The Nigerian government has promised to protect operators in the downstream petroleum sector while ensuring a balance between business interests and national energy security. This commitment was reinforced during a five-day Senate Committee retreat held in Port Harcourt, which focused on strengthening legislative oversight and advancing reforms in the downstream petroleum industry.
The retreat, organised by the Senate Committee on Downstream Petroleum, brought together key stakeholders, including regulators, industry operators, and host community representatives. Discussions centred on the implementation of the Petroleum Industry Act (PIA) 2021, particularly the Midstream and Downstream Gas Infrastructure Fund and the Host Community Development Fund.
Senator Suleiman Abdurrahman Kawu, Chairman of the Senate Committee, emphasised the need for transformative thinking and strategic action to address longstanding challenges in the sector. He stated that the retreat aimed to align national policies with President Bola Tinubu’s Renewed Hope Agenda, focusing on economic diversification, energy security, and sustainability.
The government’s pledge includes creating a favourable regulatory environment, ensuring fiscal transparency, and promoting social equity within the sector. Stakeholders highlighted the importance of collaborative efforts to enhance synergy among industry players and address issues such as refining capacity, distribution logistics, and environmental concerns.
The retreat also examined Nigeria’s readiness for the global energy transition, with discussions on how regulatory actions and investments can support long-term sustainability. The committee is expected to deliver a comprehensive legislative roadmap to reposition the downstream industry for improved performance and resilience.
This initiative aligns with broader efforts to modernise Nigeria’s petroleum sector, ensuring it remains competitive and capable of meeting the nation’s energy needs while supporting economic growth.
8 comments