The Federal Government has assured investors in the Nigerian oil and gas sector of robust enabling policies that would unlock potential in the sector.It also assured of the optimisation and utilisation of domestic gas for economic prosperity, promising to increase domestic refining and support for local refineries to thrive.

Speaking at the 47th Nigeria Annual International Conference and Exhibition (NAICE) 2024, held in Lagos yesterday, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said that optimisation of midstream and downstream sectors is not just an option, but a necessity for enhancing efficiency, ensuring sustainability and maintaining the nation’s competitive edge in the global market.

Lokpobiri, who was represented at the event by the Permanent Secretary, Ministry of Petroleum Resources, Nicholas Ella, said: “Our nation’s petroleum industry has long been a cornerstone of our economy, contributing significantly to national revenue, job creation and industrial growth.

“However, the evolving energy landscape presents new challenges and opportunities that require a comprehensive and integrated approach.

“Technological advancements, regulatory frameworks and strategic partnerships are key enablers in driving the transformation of our midstream and downstream sectors.”

Speaking in the same vein, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said that the petroleum sector holds immense resources to transform the economy and generate more employment.

He said that the government is determined to increase domestic utilisation of gas; hence, it has started to implement its plans to distribute 250,000 cylinders a year for the next three years.

“We are also absolutely working to reduce the cost of Liquefied Petroleum Gas (LPG) cylinders in the country by supporting the establishment of in-country composite cylinders manufacturing to create additional markets,” he said.

He, however, said that the presidential executive order would streamline the regulatory process, reduce bureaucratic bottlenecks and provide fiscal incentives that make investments in gas projects more viable.

Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, said that there has been significant growth in investment decisions, while several projects are currently in the offing.

He added that some of the contracting partners, who have left the country, are now coming back to Nigeria after seeing the new opportunities. He assured of support to Dangote Refinery and other local refineries to improve domestic fuel supplies.