ABUJA — The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called for an integrated West African crude oil market and harmonised regulations across the region to support rising production, expanding refining capacity and cross-border petroleum trade.
The Commission Chief Executive, Mrs. Oritsemeyiwa Eyesan, made the call on Tuesday at the second West Africa Refined Fuel Market Conference in Abuja, where she said Nigeria’s petroleum industry was undergoing “unprecedented positive changes.”
Eyesan said the gains in crude production and refining capacity must now be matched by regional integration to ensure that countries across West Africa can maximise the economic benefits of a changing petroleum market.
She advocated an integrated crude market covering the upstream, midstream and downstream segments across the sub-region, arguing that countries could no longer afford to operate their petroleum markets in isolation.
The NUPRC chief also called for a unified regulatory framework, saying harmonised rules, standards and market procedures would improve efficiency, encourage investment and facilitate cross-border petroleum trade.
Eyesan highlighted Nigeria’s progress in crude production, noting that the country had crossed the production level set by OPEC. She also pointed to the expansion of domestic refining capacity as a major development that is changing Nigeria’s position in the regional petroleum market.
The increase in refining capacity, she said, creates an opportunity for Nigeria to move beyond meeting domestic demand and become a major supplier of refined petroleum products to neighbouring countries.
The conference, which runs from August 11 to 12 in Abuja, is jointly hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), S&P Global Commodity Insights and the West Africa Regulators Forum (WARF).
Its theme is “Funding West Africa Infrastructure & Distribution to Create a Transparent Market for Regional Price Benchmarks.”
NMDPRA Chief Executive and WARF Chairman, Mallam Rabiu A. Umar, said the rapid expansion of refining capacity must be supported by investment in storage facilities, pipelines, marine terminals and other logistics infrastructure required to move petroleum products efficiently across the region.
He said African consumers should not continue to bear price shocks originating from outside the continent when regional refining capacity is expanding.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, described the conference as an important step towards strengthening Africa’s energy sovereignty.
Lokpobiri called for continued investment in refining and petroleum distribution infrastructure, saying Nigeria has an opportunity to position itself as a regional energy and trading hub.
Special Adviser to the President on Energy, Olu Verheijen, also stressed the importance of infrastructure development, transparent markets and regulatory coordination to ensure that increased petroleum production translates into efficient regional supply.
The discussions come as Nigeria seeks to consolidate gains in crude production and domestic refining while strengthening its role in the West African petroleum market.
For the NUPRC, the next phase will require stronger cooperation among regional regulators and investment in the infrastructure needed to connect crude production, refining, storage and distribution across national borders.
