In a recent webinar, industry stakeholders urged the government to fully deregulate the downstream oil sector, eliminating price controls and subsidies. The Major Energies Marketers Association of Nigeria, alongside other industry groups, emphasized the need for market-driven pricing to promote competitiveness and efficiency.
Participants discussed the implications of recent price hikes and advocated for complete deregulation, citing benefits such as improved efficiency, enhanced product availability, and increased private sector participation. They also stressed the importance of supporting local refineries, transitioning to cleaner energy sources, and investing in infrastructure.
The stakeholders proposed establishing new committee structures to enhance collaboration and regulatory compliance, similar to the Bankers’ Committee. They also called for significant investment in infrastructure, adoption of new technologies, and implementation of sustainable practices.
The webinar highlighted Nigeria’s potential to become a significant producer of plastics and petrochemical products, leveraging its abundant natural gas resources. Stakeholders emphasized the need for strategic investments, policy reforms, and innovative practices to align with global standards and sustainability goals
