NMDPRA Emphasize Role Of Policy Clarity In Energy Sector Investment Growth
By Juliet Ukanwosu
The Chief Executive of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Farouk Ahmed, has reiterated the role of policy clarity, transparency and rule consistency in encouraging investment and growth of the energy sector.
Farouk while Speaking in Lagos at the 48th edition of the SPE’s Nigeria Annual International Conference and Exhibition (NAICE) with the theme “Building a Sustainable Energy Future: Leveraging Technology, Supply Chain, Human Resources and Policy”, argued that this is crucial considering the mobility of resources between jurisdictions and competing energy supply sources.
The NMDPRA’s Chief Executive reiterated the agency’s commitment to supporting policy consistency and transparency through its carefully developed regulations and continuous stakeholder engagements.
Farouk explained that as part of the NMDPRA’s mandate, the agency invests heavily in technology, capacity optimization, efficiency and policy effectiveness, adding: “We encourage operators to adopt intelligent systems for managing the operations and maintenance of critical infrastructures such as pipeline systems and bulk storage facilities, as well as tracking and managing emissions.”
He assured that the NMDPRA will continue to collaborate with other regulatory agencies, industry players, development partners, and societies like the SPE, to ensure that the petroleum industry remains sustainable, and continues to contribute to the development of the economy, adding that the Authority is open to suggestions and feedback that will contribute to its continuous improvement in providing excellent service to the industry.
He maintained that the target of a sustainable energy future is within reach if all stakeholders act together, innovate boldly, and govern wisely, adding, “As regulators, we reaffirm our commitment to enabling investment, fostering innovation, and ensuring sustainability across the midstream and downstream sector.”
Farouk noted that the conference theme aptly reflects the strategic focus of the nation and the continent at large as stakeholders seek to achieve energy access that promotes economic development and sustainability.
He argued further that the global energy landscape continues to be impacted by strong forces of market volatility, geopolitical tensions, artificial intelligence, technological advancements, and carbon neutrality targets, pointing out that building a sustainable energy future requires strategic planning, dedicated actions and continuous collaboration between all industry stakeholders.
Furthermore, he submitted that the energy future of Nigeria is a critical driver for the attainment of the ambitious goal of growing into a $1 trillion economy by the year 2030, emphasizing that access to affordable and clean energy is required to catalyse the strategic growth of investment across Nigeria’s Industrial sectors and deepen the manufacturing and productive capacity of the economy.
“Nigeria therefore needs to leverage relevant resources required to meet this energy demand target in a sustainable and globally competitive manner. Technology is one of the most important resources to be harnessed in this regard. Technology presents both a challenge and an opportunity to the petroleum sector. Artificial intelligence, hydrogen technology, energy storage, smart grid, biofuels and marine technologies, are amongst the areas that we should give special attention to,” Farouk stated.
While highlighting that human resources will continue to play critical roles across the value chain, Farouk stated that supply chain optimization is also an important area that requires coordinated actions since sustainable energy depends on efficient delivery systems. “This will include connected gas transportation and distribution lines, virtual pipelines, commodity exchange platforms, enhanced marine & land logistics, and liberalized markets,” the NMDPRA helmsman explained to stakeholders at the conference.
Subscribe To Newsletter
