Lagos: The Centre for the Promotion of Private Enterprise (CPPE) has outlined strategic imperatives to guide Nigeria’s newly appointed petroleum regulators in driving sustainable growth and industrialisation.
CPPE founder, Dr Muda Yusuf, commended President Bola Tinubu for resetting the regulatory architecture by appointing new chief executives at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). He said the appointments present a unique opportunity to align regulation with national commitments to energy sovereignty, security, and accelerated production growth.
Yusuf stressed that cutting import dependence, expanding domestic refining capacity, and boosting investment across the oil and gas value chain must be immediate priorities. He urged government policy to favour locally refined petroleum products through fiscal, regulatory, and infrastructural support, warning that allowing imports to compete unfairly with domestic products undermines industrialisation.
In the upstream sector, Yusuf called for the urgent ramp-up of crude oil and gas production to attract fresh onshore and offshore investments. He said Nigeria must maximise its hydrocarbon value while the global energy transition window remains open, urging NUPRC to target crude oil output of at least 2 million barrels per day.
According to him, placing domestic refining at the centre of regulatory frameworks will safeguard Nigeria’s long-term economic interests, while production growth and security in the upstream sector will ensure competitiveness and investor confidence.
