business
NMDPRA Attracted $1.2bn into Modular Refineries — DAPPMAN
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) says the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has attracted $1.2bn in modular refinery investments since 2022, following its efforts to streamline licensing processes.
DAPPMAN also revealed that the authority had reduced cross-border fuel diversion by 35 per cent through the implementation of stricter anti-smuggling policies.
In a statement on Monday, DAPPMAN credited the “stability, innovation, energy access, and continuing growth” in the downstream sector to strategic regulatory oversight by the NMDPRA.
According to the Executive Secretary of DAPPMAN, Olufemi Adewole, the “firm, fair, and functional” leadership of the NMDPRA under Farouk Ahmed has improved operational efficiency, product availability, and investor confidence in the industry.
Adewole said DAPPMAN would continue to work closely with the agency to achieve a sustainable and competitive downstream market and ensure access to world-class energy solutions nationwide.
He noted that Nigeria had achieved petrol sufficiency in recent times—an improvement from previous years—attributing it to the authority’s transparent regulatory framework.
He said “streamlining licensing processes has attracted $1.2bn in modular refinery investments since 2022, according to the NMDPRA Industry Brief, 2024.”
Other notable achievements of the authority include the Automated Downstream System to monitor product distribution in real-time, zero tolerance for adulterated products with 98 per cent compliance across major depots, and tighter anti-smuggling measures.
Adewole lauded the Petroleum Industry Act, which he said has empowered NMDPRA to implement market-driven policies and drive full deregulation.
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